Satyam Auditing based on evidence, says Price Waterhouse

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Agencies , Express news service Tags : Satyam Auditing
Posted: Friday , Jan 09, 2009 at 0132 hrs IST

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MUMBAI: With all the fingers now pointing at Price Waterhouse, the statutory auditors of fraud-hit Satyam Computer Services put a brave front on Thursday, saying the auditing of the company's accounts was conducted with the support of audit evidence. “The audits were conducted by Price Waterhouse in accordance with applicable auditing standards and were supported by appropriate audit evidence,” Price Waterhouse said in a statement. “Given our obligations for client confidentiality, it is not possible for us to comment upon the alleged irregularities. Price Waterhouse will fully meet its obligations to cooperate with the regulators and others,” it said on Thursday. The auditing firm has been under media glare and scrutiny of the government and chartered accountants regulator ICAI since the revelations were made. ICAI has sought explanation from PwC, while promising action in case violations were found. Since 1991, PriceWaterhouseCoopers has been auditing the accounts of the fourth largest IT company. The auditing firm has over 100 clients in India including Bosch, HCL Technologies, Lanco Infratech, Maruti Suzuki, Sulzer India and Swaraj Mazda.

Raju family stake drops to 2.34 per cent as lenders sell more

Mumbai: Lenders, with whom all the Satyam promoter's equity has been pledged, have sold more stake in the company to recover their funds. As a result, the stake of promoters, Raju family, in the company has dropped to 2.34 per cent from 3.60 per cent. In a filing to the National Stock Exchange on Thursday, Satyam said that SRSR Holdings' stake in Satyam has come down to 2.34 per cent from 3.60 per cent due to the sale of shares pledged by the promoters to lenders for raising funds. The Satyam promoter had earlier pledged his shares to raise funds. Last week, lenders sold over 1.02 crore Satyam shares (1.53 pc), which were pledged by the promoters, in open market transactions. After the sale, SRSR Holdings had dipped to 3.60 per cent. In another filing last week, IL&FS Trust Company said it has sold over 2.45 crore shares, representing 3.64 per cent stake, of Satyam within a fortnight in open market transactions. The market value of this stake, which was held by IL&FS on behalf of various lenders, at the current market price of Rs 179.10 on the BSE works out to Rs 439 crore.