SAT declines to stay SEBI's ban order on Price Waterhouse, allows firm to continue existing audit assignments
SAT said Price Waterhouse can also complete other certification assignments that it has already and posted matter for hearing on 13 Feb
Mumbai: 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 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 1 Jan, 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 13 February, 2018.
On its part, Price Waterhouse Network of firms in India said: "We are happy that SAT has expressed its intention to resolve our appeal against SEBI on an expedited basis, and has set an expectation of a tight timeline of six weeks to dispose the appeal. The clarification that current engagements can continue through the year, is welcome."
"Over the years, our stakeholders have witnessed the huge investment we made in tools, training and infrastructure and we remain committed to maintaining the highest standards of quality in our services." 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.