It is surprising that in India
court cases drag and multinational corporations take advantage of it.
Classic case: Satyam Scandal
(2009).
In the month of January 2017,
Supreme Court ordered “Complete the case within six months”.
On the contrary, SEC Order
(2011-82) stated “The PW India affiliates
agreed to settle the SEC’s charges and pay a $6 million penalty, the largest
ever by a foreign-based accounting firm in an SEC enforcement action.”
It is shocking and disbelief that
“PwC has challenged Sebi’s power to conduct an enquiry of a chartered
accountancy firm regulated by the Institute of Chartered Accountants of India
(ICAI)”. PWC is represented by noted lawyer Harish Salve.
I find it difficult to accept
that PWC India settled case with SEC but find it difficult to accept SEBI
order even though PWC India knows very clearly that Satyam Scam was a disgrace
for Indian Accounting firms. If we speak to PWC India they will give logical
reasons as to why they are disputing.
It took two years to settle with SEC and with SEBI it is work in progress past 8 years.
Indian Court Cases a wonderful
display of prolonged illness of Indian Democracy.
Sources / References:
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