SAT quashes Sebi's order against Price Waterhouse in Satyam scandal

The scandal involving overstatement of bank and cash balances by over Rs 3,300 cr had come to light in January 2009

In a major relief to Price Waterhouse (PW), the Securities Appellate Tribunal (SAT) on Monday quashed the order passed by the Securities and Exchange Board of India (Sebi) against the global audit firm for its role in the decade-old Satyam scandal.

In January 2018, Sebi had issued an order banning PW, an affiliate of PwC, and two of its auditors from providing audit services to listed companies and market intermediaries for two years for their involvement in the multi-crore accounting scam at the Ramalinga Raju-promoted company. The scandal involving overstatement of bank and cash balances had come to light in January