Nothing can be done in class suits against PW in Satyam: Govt
The government on Friday said it cannot do anything about the class action suit being faced by the auditor Price Waterhouse (PW) in the US in the Satyam accounting fraud case.india Updated: Nov 06, 2009 17:10 IST
The government on Friday said it cannot do anything about the class action suit being faced by the auditor Price Waterhouse (PW) in the US in the Satyam accounting fraud case.
"American jurisdiction will decide independently of what we do here. We cannot be on any help to them (PW) in the US. We cannot go and say (to PW) don't worry we will pay for you," Corporate Affairs Minister Salman Khurshid told reporters here.
"If the US jurisdiction decides (that) they have to pay... They have to pay. That's their problem," he said, when asked whether representatives of PW were asking the government to intervene in the class action suits against them in the US.
The Minister, however, admitted that PW partners have been meeting him and expressing concern about the pending legal action against the auditing firm in the US.
On PW's plea that the auditing firm should not be penalised for the acts of the firm's partners in the Saytam case, Khurshid said, "That stand they should take there (in the US) and not here".
American law firm Pomerantz Haudek Block Grossman & Gross LLP in February had filed a class action suit against the auditors, promoters and management of Satyam in the US District Court, Southern District of New York.