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Securities Appellant Tribunal overturns SEBI order to bar PWC for 2 years


Securities Appellant Tribunal overturns SEBI order to bar PWC for 2 years

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Securities Appellant Tribunal overturns SEBI order to bar PWC for 2 years

 

From the Source based news it seems SAT has issued an order which overturned SEBI order to bar PWC for conducting Audit in India for 2 years. SAT stands for  SECURITIES APPELLATE TRIBUNAL

 

Fraud cannot be proved on the basis of recklessness or negligence in audit says SAT in its order. Further it says Regulating Auditors beyond the authority of SEBI.

 

SAT comes down heavily on SEBI, Says you have no business banning PWC from auditing. There is no shred of evidence against PwC in Satyam fraud and Audit firm can't be banned by #Sebi as per SAT

 

It can be a Big win for the audit firm in Satyam Case. It would be interesting to see if SEBI appeals further.

 

The copy of order is awaited for details

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