Stocks

Satyam scam: SEBI rejects auditors' plea

Our Bureau Mumbai | Updated on January 25, 2011 Published on January 25, 2011

Stock market regulator rejected the request of the Price Waterhouse auditors in the Satyam fraud, Mr Srinivas Talluri and Mr S. Golpalakrishnan seeking abeyance of the present proceedings till the trial in the three criminal cases against them were completed.

SEBI quashed all three reasons provided by the noticees. Both auditors had requested abeyance on the following grounds. One, they were in judicial custody and were incapacitated to reply to SEBI's show cause notices or come in person for the hearing.

Two, being chartered accountants they could not be lawfully subjected to SEBI's jurisdiction.

Three, replying to the show cause notices at that stage would severely prejudice their positions in the criminal cases pending trial.

All three grounds were rejected by SEBI, which fixed the next date of hearing on Saturday, February 5 (a day when courts are closed) at its head office in Mumbai.

Published on January 25, 2011
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