The Hindu Business Line : Drug firms not rocking Price Waterhouse boat, just yet

Mumbai, Jan. 22 A clutch of drug companies that have Price Waterhouse as its auditors, look unlikely to rock the boat just yet. Novartis, Piramal Healthcare and Hikal have had their board meetings since the Rs 7,000 crore accounting scam broke at infotech company Satyam. And though investigations are underway into the role of Satyam auditor, Price Waterhouse, as well, only of the one drug companies came on record to say that the development was discussed at its board meet.

Piramal Healthcare’s Chairman, Mr Ajay Piramal, told Business Line that the issue was discussed at the company’s board meet earlier on Thursday. The company was watching investigations closely and will wait for an outcome on whether there was any negligence, he said. “We have experts on our board like Mr Malegam, who was on SEBI’s disclosure committee,” he added, indicating that the developments are being closely monitored.

Multinational drug-major Novartis too had its board meeting on Thursday. But discussions on the board are privy to only members on the board, said a Novartis official, unwilling to divulge whether the issue had been discussed. The company will, however, continue with auditors Price Waterhouse, the official added.

Hikal, a pharmaceuticals and agro-chemicals company, also has Price Waterhouse as its auditor, but did not want to comment on whether its recent board meet discussed the issue.

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