Tainted chairman of Satyam Computers B Ramalinga Raju and five others were chargesheeted by the Central Bureau of Investigation (CBI) on Thursday for allegedly filing false income tax returns resulting in a loss of Rs 126.57 crore (Rs 1.26 billion) to the company and shareholders.
PwC has about 1,200 tax professionals and 55 executive directors servicing domestic and international companies.
"I told my office to take permission of the court because I want director, discipline, to begin proceedings against them (S Gopalakrishnan and Srinivas Talluri).
The central bank's tough new rules spell major changes in the competitive landscape for financial services audits.
Ramalinga Raju, his brother and Satyam's former managing director Rama Raju, ex-CFO V Srinivas, former partners of PricewaterhouseCoopers S Gopalakrishnan and T Srinivas along with Satyam Computer Services former employees G Ramakrishna, D Venkatapathi Raju and Ch Srisailam -- who are lodged at Chanchalguda Jail in Hyderabad were brought to the court, after their remand ended on Wednesday.
According to a report by consulting firm PricewaterhouseCoopers, "93 per cent Indians belonging to a demographic group called millennials are ready to work outside their home country during their career."
Despite higher allocations, core sector likely to see reduced profitability.
"Many CEOs believe the country's manufacturing sector has become increasingly competitive and the economy is shifting away from its reliance on the services sector, a path that could take advantage of the broad spectrum of the nation's labour force."
The Indian film and television industry is expected to reach a size of over Rs 600 billion (Rs 60,000 crore) in the next five years
A bench headed by Chief Justice K G Balakrishnan directed Talluri to furnish a personal bond of Rs 20 lakh (Rs 2 million) and two sureties of like amount.
A Bench headed by Justice S H Kapadia has posted the matter for the hearing on December 9. PWC had challenged the Calcutta high court's judgement that held that the firm had failed to furnish its true and correct particulars of accounts while filing the returns.
India's big four audit firms are PricewaterhouseCoopers, Deloitte, KPMG and Ernst & Young, while ICAI is the apex regulator of the profession of chartered accountants.
The ICAI president said that the auditors would be interrogated mainly on accounting and auditing aspects and to check whether they followed the right methods of accounting. The Institute of Chartered Accountants of India has obtained permission from a local court to interrogate the two auditors and examine and record their statements.
PricewaterhouseCoopers India campaigns to appear responsible as it distances itself from the mess surrounding former client Satyam
The aggression shown by corporate houses till not a long ago has given way for consolidation in the backdrop of current economic downturn and the companies in the next fiscal, beginning tomorrow, would need to focus on growing their core businesses and conserving the resources, global consultancy firm PwC executive director Sanjeev Krishnan told PTI.
Dividend distribution tax in FY20 would only be applicable after deducting Rs 70 received from the foreign subsidiary, meaning 20.56 per cent DDT would be paid only on Rs 30.
Besides the Raju brothers, the CBI would be quizzing Satyam's former CFO Vadlamani Srinivas and audit house Price Waterhouse's partners S Gopalakrishnan and Talluri Srinivas in connection with the Rs 7,800 crore (Rs 78-billion)accounting fraud at Satyam Computer.
Last Monday, PwC India announced the appointment of Gautam Banerjee as chairman and Peter Harvey as deputy chairman, by-passing elections. Banerjee, who comes with a big reputation from PwC Singapore, replaces Ramesh Rajan, whose term ended abruptly with 18 months yet to go.
Satyam Computer Services founder B Ramalinga Raju, ex-CEO B Rama Raju and ex-CFO Vadlamani Srinivas in window-dressing the company's accounts, according to the remand case diary filed by the Economic Offences Wing of the Andhra Pradesh Crime Investigation Department.
While FICCI officials said that parting of ways with Price Waterhouse was not related to the Satyam episode, sources said all business chambers have become wary of associating with those getting infamy from the country's largest corporate fraud.
Asked if action will be taken against PwC, which audited Satyam accounts, he said, "This is not our business. Our business is to make accounting standards, it is for other regulators (to see)that they are adequately applied." The foundation is the oversight committee of the International Accounting Standards Board which frames the global standards.
The goods and services tax is scheduled to be introduced from April 1, 2010. However, finance minister Pranab Mukherjee had recently said while the Centre and the states were serious over introducing the system as per schedule, he would not be surprised if there was slippage of a few months.
Indian drug makers may lose out on outsourcing contracts as overseas pharmaceutical companies defer their visits to the country in the wake of Mumbai terror attacks, according to industry experts.
A local court on Friday extended the judicial remand of Satyam Computer founder B Ramalinga Raju, his brother Rama Raju, former CFO of the IT firm V Srinivas and two former auditors of PricewaterhouseCoopers by 14 days.
ICAI starts proceedings against software firm's CFO and head of audit cell.
DiPiazza's visit coincides with Price Waterhouse suspending two of its partners -- S Goplakrishnan and Srinivas Talluri -- who worked on the accounts of scam-hit Satyam Computer Services and were arrested last week.
Technical competence and administrative skill - are the ones that will result in long-term sustainable improvements to quality of life in Mumbai.
PwC is the auditor of Satyam Computer Services whose founder Ramalinga raju earlier this month admitted to financial irregularities of about Rs 7,800 crore (Rs 78-billion). The newly-inducted board of the company later hired two foreign audit firms -- KPMG and Deloitte Touche Tohmatsu -- to restate the accounts books.
It is quite a shock that that company management, mainly disgraced chairman B Ramalinga Raju, kept everyone -- seemingly --in the dark for a decade.
PricewaterhouseCoopers, an advisory and consulting firm whose sister company audited the accounts of Hyderabad-based Satyam Computer Services, has a chequered past with Indian tax authorities, having admitted its "mistake" in at least two cases of tax evasion.
Bangalore, the country's IT capital, is ranked No.1 on development prospects and 4th on investment prospects among Asia-Pacific (Apac) cities in 2009 from 13th poistion in 2008, according to the Emerging Trends in Real Estate Asia Pacific 2009 Report, which collated responses from participants across Asia-Pacific.
The economic slowdown, which has come like an avalanche in the last few months, has changed the way the country's top management consultants do business.
Barack Obama's priority would be stabilising his country's economy by cutting cost and he would not be able to achieve that without outsourcing.
India's entertainment and media (E&M) industry may grow by 10.5 per cent cumulatively next five years, to touch Rs 92,950 crore (Rs 929.50 billion), a PriceWaterhouseCoopers report said on Wednesday.
Outsourcing is just no more about cost savings but also companies' accessibility to right talent and geographic expansion, a latest survey on business outsourcing revealed.
India is one of the top three nations globally, where the company's chief executives believe the government is business friendly and are taking adequate steps to reduce regulatory burden on firms, a report says.
Sumit Makhija, associate director, PwC said, "We have seen that frauds are happening in three main areas asset misappropriation by employees, financial mismanagement and corruption and bribery."
According to a new survey conducted by consultancy major PriceWaterhouseCoopers, about 28 per cent of Indian financial services firms expect to buy stakes in European groups in the next five years and the same percentage intend to enter North America. "Overseas acquisitions by industrial groups such as Tata Steel, Hindalco, Tata Motors and Ranbaxy are clearly proving inspirational," PwC said in its report.
The agency did not seek a reappointment in FY12.
