Further:
1. it is not for the first time that PWC is doin something like this. apart form india PWC is involved in 12 scams in the world. If i m not mistaken the same is also banned/ blaclisted in japan or china.The last case of PWC scam that of Global Trust Bank - the final decision is still pending. and consider the worst even if PWC is banned it will continue to serve india and indian inc with its associated firms like lovelock, price water house ( PWH n PWC are diff), n recently added to its list Dalal & Shah.
2. The Q2 profits were inflated for more than 600 crores against the original profit of 60 crores. Strange to note that the co. must have paid an income tax of Rs. 180 crores on this inflated profit which is more than 3 times of the actual profit.
3.recently i heard that maruti will be calling a borad meeting deciding the fate of its auditors PWC. What happened in Lodha`s case was nothing to do with audit. It was to some extents a personal fight of Lodha n Birla corp. Inspite of that Lodha & Co. had to suffer as some of the major clents including grasim decidede to change its auditors.
CAclubindia
