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F&O OUTLOOK: Next big resistance at 5,400
As expected, the S&P CNX Nifty closed at 5,201 levels on long rollovers in index futures and key stocks futures. The index is expected to consolidate above 5,200 in the new series before moving above the short-term target of 5,350. The rollovers in the Nifty January futures, at 22 million, were at a five-month low, which indicates that bears are waiting in the wings. At similar point in July 2009, the Nifty had gained over 500 points in a couple months to move above 5,000 in September 2009. A similar trend may see the Nifty moving above 5,500 in the near future.

Shipping ministry calls for status report on DP World
The Union shipping ministry has asked all ports in the country with a presence of Dubai World’s maritime subsidiary, DP World, to report on how much trade goes through the company-operated terminals.

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Sunil Jain: Stop picking winners
Sunil Jain / New Delhi February 1, 2010, 1:24 IST
Public Company

ICAI to drop case against PW-Delhi

Takes decision after Delhi High Court’s objections. - Pricewaterhouse approaches Delhi HC against govt action - HC stays Trent plans for Star Bazaars in Delhi - Sunil Jain: Is Manmohan the Raja?">Sunil Jain: Is Manmohan the Raja? - When does liaison office attract I-T in India? - HC says no to Pernod Ricard"s exclusivity claim on "Imperial" - Sandero rings a Santro bell in Hyundai Accounting regulator ICAI today agreed to withdraw disciplinary proceedings against audit firm Price Waterhouse (PW) Delhi for its alleged involvement in the multi-crore scam in Satyam Computer Services. The Institute of Chartered Accountants of India (ICAI) decided to withdraw proceedings against PW, Delhi, after the Delhi High Court objected to the regulator’s action against the firm without giving any evidence that it was related to PW, Bangalore, the statutory auditors of Satyam. “They are separate partnership firms with separate balance sheets. There is no inter-connection (between PW-Delhi, PW-Bangalore and PW-Kolkata) and profit and loss of one cannot be shared by others. You cannot say that the Bangalore firm which was statutory auditor of Satyam has anything to do with the Delhi firm,” said Justice Sanjiv Khanna. The court, however, made it clear that the regulator is free to initiate fresh proceedings if it finds “prima facie evidence of misconduct” against PW-Delhi, a member of global auditing firm PriceWaterhouseCoopers. “I am with you (ICAI) if they are wrong. But the anxiety of the court is that there must be fairness in the proceeding. If someone has done wrong, then he must be punished,” the Court told ICAI while passing the order. The role of PW auditors came to light after Satyam founder B Ramalinga Raju admitted to the nearly Rs 8,000-crore fraud in the IT firm in January this year. Advocate Amit Sibal, appearing for PW-Delhi, submitted ICAI’s action was illegal, as PW-Bangalore had audited Satyam accounts. “We have nothing to do with the Bangalore firm which had audited Satyam accounts," Sibal said.


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