Price Waterhouse seeks settlement with Sebi

Price Waterhouse seeks settlement with Sebi

Mumbai: Price Waterhouse (PW), the auditor of fraud-hit Satyam Computer Services Ltd, said it’s pursuing a settlement with the capital market regulator.

The company “has decided to pursue consent proceedings in relation to the Securities and Exchange Board of India’s (Sebi) proceedings relating to the audit of Satyam Computer Services Ltd," it said in a press release on Friday. “Rather than engage in potentially long-drawn out legal proceedings with Sebi, PW feels that it would be better for all parties to explore, without prejudice, the settlement of proceedings initiated by Sebi."

The settlement avenue offered by the regulator will help arrive at mutually acceptable terms, the auditor said.

“PW is aware of the impact that the fraud perpetrated by the former chairman of Satyam has had on business confidence in India," the auditor said. “However, the pursuit of a potential settlement is not in any way an acknowledgment by PW that there was any wrongdoing by PW in relation to the audit of Satyam."