Price Waterhouse moves SAT against SEBI's two-year ban ruling
PrintListen to this Article
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 also directed that no listed company or intermediary registered with it shall engage any audit firm associated with the PW network for issuing any certificate on compliance with the statutory obligations Sebi is competent to administer and enforce, under various laws, for a period of two years.
The case dates back to 2009, when the chairman of Satyam Computer Services, Ramalinga Raju, confessed to large-scale financial manipulations in Satyam's book of accounts, to the tune of Rs 50.4 billion. Sebi issued showcause notices to PW and its associates in February 2009. Further notices were issued to PW in 2012 under the FUTP regulations.
According to Sebi, the objective of insulating the securities market from such fraudulent accounting practices perpetrated by an international firm of repute will be ineffective if the directions do not bring within its sweep the PW brand name. #casansaar (Source - Business Standard)
Category : Income Tax | Comments : 0 | Hits : 696
If you earn income other than salary or have multiple income streams, the advance tax deadline falling today—Monday, December 15, 2025—should not be overlooked. Failure to pay advance tax on time, or paying less than the required amount, may attract interest charges that continue to accumulate. As the Income Tax Act operates on a “pay as you earn” basis, being aware of advance tax provisions and the financial impact of delays can help you avoid unnecessary costs and last-...
If you earn income other than salary or have multiple income streams, the advance tax deadline falling today—Monday, December 15, 2025—should not be overlooked. Failure to pay advance tax on time, or paying less than the required amount, may attract interest charges that continue to accumulate. As the Income Tax Act operates on a “pay as you earn” basis, being aware of advance tax provisions and the financial impact of delays can help you avoid unnecessary costs and last-...
As many as 5,44,205 appeals were pending resolution with the Income Tax (IT) Department at commissioner (appeals) level as of January 31 this year, and 63,246 at various Income Tax Appellate Tribunals (ITATs), High Courts, and the Supreme Court, FE has learnt. To be precise, the cases pending in ITATs were 20,266 High Courts, 37,436; and Supreme Court 5,544. The large pendency is even as the Central Board of Direct Taxes (CBDT) has laid emphasis on disposing of income tax appeals in its 10...
The Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onwards. The ITR functionalities i.e. ITR-1, ITR-2 and ITR-4, commonly used by taxpayers are available on the e-filing portal from 1st April, 2024 onwards for taxpayers to file their Returns. Companies will also be able to file their ITRs through ITR-6 from April 1 onwards. As ...
It has come to notice that misleading information related to new tax regime is being spread on some social media platforms. It is therefore clarified that the new regime under section 115BAC(1A) was introduced in the Finance Act 2023 which was as under as compared to the existing old regime (without exemptions): New Regime 115BAC (1A) introduced for FY 2023-24 Existing old Regime 0-3 lacs 0% 0-2.5 lacs 0% ...
Comments