We represent a group of minority shareholders and we are very concerned with the brazenness and the impunity with which the Firm of PricewaterhouseCoopers has been registered as an Auditing Firm under the Audit Oversight Board on the 1st of April 2010.
We are also very concerned that PwC, knowing full well that they have been improperly registered, are continuing to sign audits.
We are aware that Sridharan Nair, Chartered Accountant (No. 2656/05/10 (J)) of the Firm PricewaterhouseCoopers signed the Independent Auditors Report for the Year 2009.
Since the report was signed on the 30th of March 2010, we have no issues with the audit for 2009, but we will not accept the same, for the year 2010, if things continue to remain as they are.
1. Registration of PwC was a legal impossibility that was done on the very day of the setup of the AOB
2. The mechanism to collect the fees was only brought into effect on the 15th of April, making the registration on the 1st of April very improper.
3. As scandalous as the first two points are, the fact that they have been allowed to stand despite the numerous questions raised, makes the registration even more brazen.
4. The forms for the registration were only submitted around the 14th of April, making the earlier approval a physical impossibility as well.
We are putting you on notice of the illegal registration of the Auditors.