Mumbai Jan 19 (IANS) Declining to stay the markets regulator s two-year ban order the Securities Appellate Tribunal (SAT) on Friday allowed audit firm Price Waterhouse to continue with its existing audit assignments for FY2017-18 and also for the calendar year 2018.
Price Waterhouse on Wednesday moved SAT against the Securities and Exchange Board of India (SEBI) order barring it from auditing of listed companies for two years in connection with the Satyam Computers scam that rocket the nation in 2009.
The SAT on Friday declined to stay the SEBI order but said that Price Waterhouse can continue with its existing audit assignments for the financial year 2017-18.
It also said that SEBI order will not prohibit Price Waterhouse from continuing its audit work for clients following calendar year starting Jan 1 2018 as their financial year.
The SAT said Price Waterhouse can also complete other certification assignments that it has already and posted the matter for hearing on February 13 2018.
Last week SEBI barred Price Waterhouse network of firms from auditing listed companies for two years.
However the order will not impact audits conducted by the firms concerned for 2017-18.
Price Waterhouse Network of firms in India has said: "We are disappointed with the findings of the SEBI investigations and the adjudication order. The SEBI order relates to a fraud that took place nearly a decade ago in which we played no part and had no knowledge of."
--IANS
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