Author Topic: PWC Auditors of Satyam arrested by Police  (Read 7622 times)

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PWC Auditors of Satyam arrested by Police
« on: January 24, 2009, 08:51:47 PM »
From moneycontrol.com

Sources in the Hyderabad police said the CB-CID police have arrested Satyam’s two Pricewaterhouse auditors S Gopal Krishnan and Srinivas Talluri last night. Pricewaterhouse had not responded to the arrest, at the time of filing the report.

Earlier on Friday, the 6th Metropolitan Magistrate of the Nampally Court rejected the petition of market regulator Securities Exchange Board of India (Sebi) to interrogate the Raju brothers — Ramalinga Raju and Rama Raju — in connection with the Rs 7,000 crore Satyam corporate scam that rocked the country recently.

Sebi had filed a petition with the court to record the statement of the Raju brothers. The court rejected the Sebi petition “on technical grounds” and not on merits of the case.

Maintainability and jurisdiction could be the reasons for the petition being rejected and it is said the Sebi may need to approach the appropriate higher court to get the petition reviewed.

The magistrate also asked the Serious Fraud Investigation Office (SFIO) to rework its petition to include suitable sections to interrogate the under-judicial-custody Raju so that it can be allowed to go ahead.

The magistrate also extended the judicial custody of the Raju brothers and ex-Satyam CFO Srinivas Vadlamani till January 31. The bail petition of Ramalinga Raju and Vadlamani will take place on January 27, while the order on Rama Raju’s bail petition was postponed to January 28.

In a related development, the CB-CID confirmed the arrest of Gopal Krishnam Raju, the general manager of SRSR Advisory Services, a firm promoted the Raju family.

The police also conducted search operations at the office of Maytas Infra in Greenlands, Somajiguda area in Hyderabad.

http://moneycontrol.com/india/news/current-affairs/cb-cid-arrests-satyams-two-pw-auditors/381743

brett_lee38

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Re: PWC Auditors of Satyam arrested by Police
« Reply #1 on: January 29, 2009, 11:27:16 AM »
if we dig some more companies then some more auditors will be traped  i am sure because this is the formula of sham economy buble

bhaveshformals

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Re: PWC Auditors of Satyam arrested by Police
« Reply #2 on: January 29, 2009, 12:01:32 PM »
There is a news item in the Statesmen which said that the Satyam Auditors have admitted to the fraud.
I have not been able to independently confirm this.
Can anyone please verify it from other sources.

This is a bad news indeed for the CA Brand. The faith that the society has for CAs will go sown.


Bhavesh Savla
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