Government to probe PwC India's sundry inflows

NEW DELHI: The government on Wednesday said it had taken note of the large amounts of ‘sundry income’ in the accounts of several Indian entities of PricewaterhouseCoopers (PwC) entities and will work on a report on the matter.

Corporate affairs minister Veerappa Moily said he had directed officials to look into the huge financial inflows — from undisclosed sources — in audit firms Price Waterhouse (PW) and Lovelock & Lewes (LL) and consulting company PricewaterhouseCoopers Pvt Ltd (PwCPL).

“The agencies that will look into the matter include the Registrar of Companies,” Moily said. The government’s intervention comes a day after TOI reported that the PwC India entities would have ended 2010-11 with losses had it not been for the over Rs 200-crore sundry income inflows which remained unexplained.

When contacted, a spokesperson for PW India firms said, “We are not aware of any government intervention on the matter.”