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Securities Appellate Tribunal (SAT) is a statutory body established to hear out and dispose of appeals against the orders passed by SEBI as per the provisions of Section 15(k) of the Securities and Exchange Board of India (SEBI) Act, 1992. Recently, Price Waterhouse Coopers (PWC) had filed an appeal with SAT against an order passed by SEBI which had prohibited PWC and its network entities in India from issuing audit certificates for two years to any listed company in India. This petition was moved based on the Judgment of the Bombay High Court where the issuance of the Show Cause Notices by SEBI was challenged by PWC by contending about the lack of jurisdiction. The petition was dismissed by upholding the jurisdiction of SEBI where it had set certain guidelines which are to adhere in order to examine the aforesaid matters. The High Court held that in order to proceed with any issue by SEBI there must be two important things included in it i.e., mens rea and criminality.
The current petition aimed to challenge the order of SEBI against PWC based on the grounds that the SEBI had failed to stick to the guidelines mentioned by the Bombay High Court i.e., the evidence to prove that such acts or omissions committed by the auditors signify any intention/ knowledge in the accounting fraud perpetrated in Sahara. The above-mentioned petition was filed by Zerick Dastur Advocates and Solicitors.
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