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SEBI's proceedings against Price Waterhouse (PW) in the Satyam fraud case took a new turn with the audit firm appealing to Securities Appellate Tribunal (SAT) against the market regulator's latest order.
SEBI had issued an order disallowing PW's request for cross-examination of 15 witnesses in the case. The regulator had allowed cross-examination of only eight witnesses and the audit firm took the matter to SAT.
A lawyer appearing for one of the parties said the case came up for hearing before SAT last Friday. PW had stated that cross-examination of all the witnesses is necessary to prove that the charges made against the audit firm in the SEBI show-cause notice were baseless. The hearing, the lawyer said, has been adjourned to February 10.
The lawyer said SEBI will now have to wait for the SAT order to proceed against the audit firm. In the event of SAT setting aside the SEBI order, PW will go ahead with cross-examinations of 15 witnesses. This is likely to be a long procedure as the cross-examination of some of them (who are in jail) requires the permission of Central Bureau of Investigation. At the same time, SEBI also has the right to go to Supreme Court against SAT's order.
If SAT upholds the SEBI order, PW may go in for an appeal in the higher court. In any case it may be a long-drawn affair, said an official familiar with the procedure.
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