P. Dubs India wants to avoid having a long, tedious, legal battle over this whole thing. Nobody wants that. So they offered a consent application to the Securities and Exchange Board of India (SEBI) to say sorry about the mixup and let’s just forget the whole thing ever happened.
Not that burying the hatchet won’t take time. The SEBI seems to have an even more dense bureaucracy than the SEC:
The application will be looked at by the Internal Committee of SEBI. If the committee feels that there is merit in this consent, both sides are willing to come to a certain point, it goes to a high power committee on consent proceedings which is headed by a retired Bombay High Court Judge.
Based on the committee’s decision, both sides will sit across the table and decide whether or not they agree with the punishment that could be meted out. As per the consent agreement, there is no acknowledgement of wrong doing.
Oh right, did they mention that last part? There’s nothing to gained by pointing fingers at any one responsible individual or company. PWI would just prefer that they come to an agreement where they aren’t no one is to blame. Problem solved!
PwC hands out olive branch to SEBI in Satyam case [Money Control]
