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Mahindra Satyam Sues Price Waterhouse : The Blame Game begins !

Mahindra Satyam and audit firm Price Waterhouse have slapped cases against each other, seeking to fix the blame for the large-scale fudging of accounts at Satyam Computer Services in 2009.

Mahindra Satyam,has levelled serious charges against its former management team and auditors, including promoter Ramalinga Raju, accusing them of perpetrating fraud, breaching fiduciary responsibility and negligence in performance of duties. 

The firm has also sought damages, TO THE TUNE OF $200 MILLION.

"We are looking at the possibility of suing Ramalinga Raju and PW as they were party to the scam that resulted in security fraud and litigation. PW was not only negligent but also colluded in it as it did not do its job for so many quarters," Vineet Nayyar, chairman, Mahindra Satyam said to ET

In response, Price Waterhouse has released a statement saying "The fraud perpetrated by Satyam was specifically designed to - and did - circumvent Satyam's own internal controls and PW India's audit process, and consequently PW India was a victim of Satyam's fraud, and will defend itself vigorously against Satyam's baseless contentions"

Source :ET

Tags: Mahindra, Price, Satyam, Sues, Waterhouse, scandal

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