PwC’s Indian unit will not be able to audit listed companies for two years to come, on the backdrop of the India’s biggest corporate scandals which happened in 2009.
Price Waterhouse was the auditor for Satyam computers when the company owner Ramalinga Raju inflated the company’s earnings. This ban is put by SEBI and will be into effect from 31st March.
Price Waterhouse said that it will go against this ban into the national court.
The group’s audit functions are under the brand Price Waterhouse in India Which gives it 40% of its revenue in India.
This scandal has hampered the reputation of the Price Waterhouse along with its operations and it might impact the jobs of some 2,500 workers.