Satyam scam: HC approves action against 2 auditors

NEW DELHI, INDIA: The Delhi High Court has upheld the Institute of Chartered Accountants of India's (ICAI) decision for disciplinary action against two partners of Price Waterhouse for wrongfully auditing and inflating the financial statements of erstwhile Satyam Computer Services, now known as Mahindra Satyam.

The court's order came on the plea filed by the chartered accountancy firms' two auditors, Talluri Srinivas and Subramani Gopalakrishnan, seeking a stay on the disciplinary proceedings initiated against them by the ICAI along with criminal proceedings.

They have also challenged an order of the high court's single judge in November 2010, refusing to stop the proceedings initiated by the ICAI against the two auditors.

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The division bench of Chief Justice Dipak Misra and Justice Sanjiv Khanna said: "We are not inclined to interfere with the order of the learned single judge but only direct that the respondents shall proceed with the enquiry keeping in view the convenience of the appellants and affording them adequate opportunity to put forth their case from all spectrums."