Rel Infra told not to appoint Price Waterhouse for 3 yrs

MUMBAI: Sebi directed Reliance Infrastructure not to appoint Price Waterhouse as its statutory auditor for three years. Sebi passed the order in response to a consent application filed by the company, after Sebi initiated investigations into R-Infra’s use of proceeds of an earlier overseas borrowing programme. A consent application is typically filed by companies for an early settlement of any ongoing investigation.

Price Waterhouse, the audit arm of PricewaterhouseCoopers India, did not offer itself for appointment in the previous annual general meeting of R-Infra. Sebi’s order pertains to the balance sheet on March 2010. This balance sheet was signed by joint auditors, Price Waterhouse and Chaturvedi & Shah. At the December, 2010, annual general meeting, chartered accountant firm Haribhakti & Co and Pathak H D & Associates were appointed as statutory auditors of R-Infra.