Accountancy regulator Institute of Chartered Accountants of India (ICAI has withdrawn disciplinary proceeding against auditing firm PricewaterhouseCoopers, allegedly involved in the Satyam scam.
Earlier on Wednesday, the Delhi-based franchise of PwC had approached the Delhi high court seeking quashing of proceedings initiated against it by the government in the aftermath of Satyam scam.
It pleaded before the court that the government proceedings were illegal as they have no connection with the Bangalore-based franchise which had audited Satyam accounts.
"There are six franchises of the international audit firm in the country and they are not related to each other in any way. We have nothing to do with the Bangalore firm which had audited Satyam accounts.
"So there doesn't arise any cause of action against us in the aftermath of the Satyam scam," senior advocate Mukul Rohatgi, appearing for the Delhi-firm, pleaded.
He submitted that the proceeding against it should be quashed immediately. Justice Sanjeev Khanna after hearing his arguments asked the government counsel to take instructions from the Centre and inform the court.
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