SATYAM SUCCESSOR COMPANY SUES AUDITORS OVER USD1 BILLION SCAM
January 1st, 2012
BY RAGHAVENDRA VERMA, IN NEW DELHI
THE COMPANY that bought India's Satyam Computer Services it was hit by a huge accounting fraud - has sued the responsible auditing firm. Price Waterhouse India, part of PricewaterhouseCoopers' network, has been sued by Mahindra Satyam (owned by the Mahindra group) for negligence of duty - it was statutory auditor of the original company, which overstated profits and created fictitious assets exceeding USD1 billion. PW calls the lawsuit baseless, alleging "Satyam is attempting to shift responsibility...for the consequences ...
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