In Hindi there is a saying ‘Bali ka bakra’ – it is the goat which has to be sacrificed. There is no sacrificing of the lion or the elephant, but just a goat.
We saw it in the case of the Adag -Reliance communication telecom scam also. Everybody knew who was the beneficiary. He was on page 3 and Gautam Doshi was in jail for 130 days!
Now those who know how the CA system works, KNOW that there is a fee involved (just for curiosity see the Satyam audit fee figure and compare it to Infosys fees!). This fee goes to the partners who sign the audited report – but the audit is done by the employee (who gets a salary). To prosecute the managers is of course right, they need to be punished…but what about the partners? the firm itself? the ‘Brand’ umbrella?
When I was a student I did hear that the ‘Law is an ass’ – well what more can I say?
Sebi’s demand for another regulator will get louder – and some of the screaming could come from the members in service itself 🙂 It is time a few lions and tigers are prosecuted too.
The managers who have been debarred are Mr C. Ravindranath and Mr P. Sivaprasad — both employees of Lovelock & Lewes, an affiliate of Pricewaterhouse India.
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