Can the penalty for aiding and abetting a Rs 7,000-and-odd crore fraud be just Rs 5 lakh and a debarment?
That, incidentally, is what the Institute of Chartered Accountants of India – ICAI, the audit profession’s self-regulatory body – has fined C Ravindranath and P Sivaprasad, employees of Lovelock & Lewes, an affiliate of Price Waterhouse India, for their role in the Satyam Computer Services fraud perpetrated in cahoots with the promoter, B.Ramalinga Raju.
ICAI has debarred them from practising as chartered accountants by removing their names from the institute’s register. A BusinessLine report quotes ICAI President G Ramaswamy as saying: “We are proactive in taking action...