Satyam Case

Regulator had fined Ramalinga Raju, others and banned them from market for 14 yrs

Companies ranging from IT to pharmaceuticals have been dragged to courts

The scandal involving overstatement of bank and cash balances by over Rs 3,300 cr had come to light in January 2009

Price Waterhouse has moved the Securities Appellate Tribunal (SAT) against the Securities and Exchange Board of India (Sebi) order which has barred it from taking up audit of listed companies for a period of two years.Beside PW, Sebi has also barred two of its partners for a period of three years. These entities have been charged under Sebi's prohibition of fraudulent and unfair trade practice (FUTP) rules, in connection with the Satyam Computer scam.Counsels Janak Dwarkadas and Somasekhar Sundereshan appeared before SAT on Wednesday on behalf of PW, seeking an urgent hearing. Zerick Dastur is legal advisor for PW. The appellate tribunal is likely to hear the matter on Friday. On January 10, the regulator had ordered 'disgorgement' of Rs 130.9 million on PW and two of its chartered accountants, S Gopalakrishnan and Srinivas Talluri. The three entities were asked to pay 12 per cent interest on the disgorgement amount since January 7, 2009, in 45 days from the date of the order. Sebi ...