Interim Relief to Pwc refused by SAT against SEBI order

Published on 20 Jan 2018 by Tushar

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Image Courtesy: LegallyIndia

The Securities Appellate Tribunal (SAT) today refused to grant an interim stay in an appeal filed by Price Waterhouse & Co. (PwC) against an order passed bythe Securities and Exchange Board of India (SEBI) on January 10, 2018.

The Order, among others, has prohibited PwC and its network entities in India from issuing audit certificates to any listed company in India for a period of two years. The regulator has also asked PwC to pay Rs 13.09 crore, along with interest at 12% per annum from January 2009 (approximately Rs 14 crore) for wrongful gains.

An interim relief was sought by PwC against the Order, although the Order expressly does not impact audit assignments relating to the financial year 2017-18.

Source: BarandBench


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