Satyam scam

Accounting regulator ICAI has barred two Lovelock & Lewes auditors from practice for life and slapped a penalty of Rs 5 lakh each on them for their role in the Rs 14,000-crore Satyam accounting scam. A probe by an ICAI disciplinary committee has found Chartered Accountants Pulavarthi Siva Prasad and Chintapatla Ravindernath from Lovelock & Lewes guilty of professional misconduct, the Institute of Chartered Accountants of India (ICAI) said in a statement. Full Article

The Supreme Court on Thursday cancelled the bails granted to Price Waterhouse partner Subramani Gopalakrishnan and Satyam's internal auditor V S Prabhakar Gupta, directing them to surrender by April 30. A bench comprising Justice P Sathasivam and Justice B S Chauhan cancelled their bail and directed them to surrender within this period, failing which the central investigative agency will take steps to arrest them. Full Article

The Institute of Chartered Accountants of India (ICAI) today said it expects to complete the investigation against the auditors of Satyam Computers in three months from the day the Delhi High Court , where the case is being heard, gives a final verdict. Full Article

A day after stating that lobbying and public relations were part of a democratic set-up, corporate affairs minister Salman Khurshid said the government might explore whether corporate lobbying could be included under the Right to Information (RTI) Ac Full Article

Charging that the property was acquired from the proceeds of the Satyam scam, the Enforcement Directorate (ED) on Friday took possession of 4,000 acres belonging to Satyam founder B Ramalinga Raju and his family members in Loyapalli village near Ibrahimpatnam of Ranga Reddy district. Full Article

A day after two former Satyam Computer auditors denied their role in the multi-crore accounting scam at the IT firm, another accused told a court that CBI had no substantial evidence against him. D Venkatapathi Raju, a former Satyam employee, argued that he cannot be clubbed as a co-conspirator in the corporate fraud which came to light in January last year. Full Article

Expressing satisfaction over the Bombay High Court order, ICAI today said Sebi is the right authority to probe allegations of irregularities against audit firm Price Waterhouse in the multi-crore Satyam scam. Full Article

Audit firm Price Waterhouse has moved the Bombay High Court challenging the Securities and Exchange Board of India's jurisdiction to investigate its role in the multi-crore Satyam fraud.The audit firm filed a petition in the Bombay High Court on Thursday, seeking a stay on the SEBI proceedings on the grounds that the capital market regulator has no jurisdiction over audit firms. Full Article