Talluri Srinivas, one of the PricewaterhouseCoopers auditors arrested more
than a year ago in connection with the US$1 billion
Services scandal has at last been granted bail by India’s Supreme Court.
Srinivas’ lawyer had contended that he audited Satyam accounts only after
2007, while the inflated profits at the heart of the scandal date back many
The court decided in his favour on Thursday (4 February), despite opposition
from lawyers for India’s Central Bureau of Investigation (CBI). They referred to
a report by the Institute of Chartered Accountants of India (ICAI), saying that
he had signed on the audit reports on behalf of Price Waterhouse India (PwC’s
name in India) deliberately with the knowledge of its implications and
consequences. This violated the requirements of the Auditing & Assurance
Standards 28 (AAS-28), argued CBI lawyers, which establishes standards on the
form and content of auditors’ reports on financial statements.
Srinivas is, however, not allowed to leave Hyderabad city without the CBI’s
permission, and has had his passport confiscated. The court has also directed
him not to tamper with any evidence associated with the case or influence
The other PriceWaterhouse auditor involved in the scandal, Subramani
Gopalakrishnan, remains in prison in connection with the Satyam fraud.
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