HC rejects Satyam plea

Nov 24, 2010 |

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New Delhi, Nov. 23: The Delhi High Court has refused to halt disciplinary proceedings against two Price Waterhouse partners by the apex body of chartered accountants for wrongly auditing and inflating the financial statements of Satyam Computer, now known as Mahindra Satyam. Justice S. Muralidhar refused to stop the proceedings initiated by ICAI against the two auditors, saying he found no reason to grant a stay.

While rejecting the plea by the two auditors, Mr Talluri Srinivas and Mr S. Gopalkrishnan, the court also imposed a fine of `10,000 on each of them.

“This court finds no ground having been made out by the petitioners for the grant of the reliefs as prayed for. The writ petitions are dismissed with a cost of `10,000 each, which will be paid by them to the ICAI within a period of four weeks,” the court ruled, and the order came in response to pleas of the two auditors seeking a stay on the disciplinary proceedings against them as they had violated Fundamental Rights against self-incrimination under Article 20 (3).

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