Mumbai: Market regulator SEBI has sent a show cause notice to Price Waterhouse, which audited the scam-tainted Satyam Computer's accounts, under regulations dealing with fraudulent and unfair trade.
According to sources, the market regulator has sent the notice to PW under the Fraudulent and Unfair Trade Practises (FUTP) norms, which prescribe a maximum penalty of Rs 25 crore.
When asked Price Waterhouse said it has received the notice by the SEBI.
"Price Waterhouse confirms receipt of a show cause notice from the Securities and Exchange Board of India as part of its investigation into Satyam Computer Services Ltd.
The notice is under examination," the auditing firm said in a statement here.
"As this is an ongoing investigation at a preliminary stage, it is inappropriate to comment further. We continue to cooperate fully with the ongoing investigations into Satyam,"
the statement further said.
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