‘Price Waterhouse can carry out audit till March 2019’

The Securities Appellate Tribunal (SAT) on Thursday allowed Price Waterhouse and its network entities to continue with audit works of existing clients till the end of March 2019.

While refusing to grant a stay on SEBI’s ruling that barred PW and its network entities from taking up new audit work for listed companies, the tribunal modified its order passed on January 19. The tribunal, in its order in January, had clarified that PW and its network entities can carry out audit certification of listed companies till March 31, 2018.

Following a hearing on Thursday, SAT ruled that PW and its network entities can now carry on with audit certification work for existing clients till March 31, 2019 or till a new division bench is constituted.

Judicial member Jog Singh would be demitting office on February 19 while Presiding Officer J.V. Devadhar has already recused himself from hearing the matter.

Consequently, after February 19, there will be only one member to hear the pleas. After finding it guilty in the multi-crore Satyam fraud, the regulator restrained PW and its network entities from issuing audit certificates to any listed company in the country for two years. Subsequently, PW and its network firms had moved the tribunal against the regulator’s order and Thursday’s hearing was the third at SAT.