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Politics

PwC slapped with two-year ban in India over Satyam fraud

Nine years after scam came to light, consulting firm held accountable for India's 'Enron'

Media and police throng outside PwC office in January 2009 after revelation of accounting scam at Satyam Computer Services.   © Reuters

MUMBAI -- The Securities and Exchange Board of India has banned global consulting firm PwC from auditing listed companies for two years because it failed to uncover a 71.36 billion-rupee ($1.18 billion) accounting scam at Satyam Computer Services from 2003-2008.

The regulator also told PwC Bangalore and partners, S. Gopalakrishnan and Srinivas Talluri, to disgorge 130 million rupees in wrongful gains as a result of failing to spot overstated revenues over those five years. The two senior partners audited Satyam between 2000 and 2008.

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