ICAI denies withdrawal of proceedings against Price Waterhouse

The Institute of Chartered Accountants (ICAI) today said that it had not withdrawn disciplinary proceedings against Price Waterhouse, Delhi, in the Satyam fraud case. It said it was free to decide and issue a notice the auditing firm, as per the Delhi High Court order passed on Wednesday.

According to ICAI president, Uttam Prakash Agarwal, Price Waterhouse, New Delhi had filed writ petition before the Delhi High Court on which the court observed that the director discipline shall decide and issue a fresh notice to Price Waterhouse (New Delhi) and thereafter proceed in accordance with the Chartered Accountants Act and the rules framed thereunder.

He added that the institute would decide and issue fresh notices soon after taking the decision.

Earlier in the day, the Delhi High Court observed that in the absence of any inter-connection between PW Bangalore, which audited the accounts of fraud-hit IT firm Satyam and PW Delhi, it was not fair to proceed with disciplinary action against the firm.

Justice Sanjiv Khanna of Delhi High Court said PW Delhi, PW Bangalore and PW Kolkata were separate partnership firms with separate balance sheets and profit and loss of one cannot be shared by others.