your password has been reset successfully, Please login again.

Former CFO: PwC cooked books, tax evasion and break laws

Former CFO, Sarvesh Mathur takes PwC in court for cooked books, tax evasion, and law breaking.
BY BEx Bureau
Jul 25, 2017

The Indian arm of global consultant firm PwC former CFO has filed a defamation suit accusing his erstwhile employer of cooking books, evading tax, willfully breaking several laws and then intimidating, cheating and tarnishing his name when he refused to help cover-up the white-collar crimes.

Sarvesh Mathur, former CFO of PwC between 2008 and 2011, has alleged in his complaint to the Chief Judicial Magistrates court in Gurugram, Haryana, that the company falsification in accounts has been done on several occasions, destruction of evidence and lied to government officials. In one instance in 2010, the complaint says, a PwC senior official helped adjust Rs 5 crore outside the system.

In 2010, the company booked fictitious expenses of Rs 15 crore to evade tax. On another occasion, another top official and two other executives separately backdated invoices worth Rs 93 crore by an accounting year to show the receipts in 2010 instead of the actual 2011, it says. The case is scheduled for hearing on July 25.

Mathur had forwarded some emails to his personal accounts, which he wanted to present to tax and law enforcement authorities later but he was forced to delete those emails as it is against companys policy. The company further promised that he will be provided with any information he requested to present as evidence after taking orders from the court or the authorities.

A PwC spokesperson responded to ET queries that This is a long series of defamatory attempts made against PwC by persons who seem to be acting in consort with each other with the sole purpose to harass and bring the name of PwC into disrepute. The case filed by an ex-employee Sarvesh Mathur is also an attempt in that direction to mire PwC and its officials on tenuous grounds in litigations.

We plan to apprise the Honourable Court of Judicial Magistrate of the facts. Mathur has alleged that he earned the ire of his superiors for raising several issues of falsification of accounts and legal violations and insisting that corrective action is taken. He said he was initially overruled, intimidated, humiliated, hurt financially etc, for raising his voice against the wrong doings and was gradually sidelined. He was eventually told that the management wanted him to resign even though he was not given any reason.

A PwC spokesperson had denied the allegations. PwC has always complied and will continue to comply with applicable laws and regulations and any suggestion to the contrary is merely speculative, ET reported.

Please add your Comment
November 14, 2018
True North has acquired a 75% stake in Shree Digvijay Cement Company Ltd from Brazil-based Votoranti ...More
By Vaishnavi Gupta
November 13, 2018
The investment is made by the firm to boost its capabilities to deliver tech solutions that will hel ...More
By Vaishnavi Gupta
November 12, 2018
With this acquisition, Mphasis will increase its end-to-end capabilities in the public cloud domain, ...More
By Vaishnavi Gupta
November 12, 2018
This acquisition will help Mumbai-listed AGC to add over $600 million in annual revenue and about 3, ...More
By Vaishnavi Gupta
November 09, 2018
The acquisition is in line with the company's strategy to boost the value for its stakeholders throu ...More
By Vaishnavi Gupta
November 03, 2018
Viithiisys, with this acquisition, will expand its product portfolio and list of clients. ...More
By Vaishnavi Gupta
November 02, 2018
Post acquisition, W12 Studios will be a part of TCS Interactive, the digital division of the IT serv ...More
By Vaishnavi Gupta
November 01, 2018
The fresh funds will be used by Turms to expand its product categories, hire tech talent and launch ...More
By Vaishnavi Gupta
October 31, 2018
The funds raised will be used by Duroflex to expand to new markets across India. ...More
By Vaishnavi Gupta
October 30, 2018
With this deal, ZipGo will become the country's largest technology-driven, business-to-customer bus ...More
By Vaishnavi Gupta
October 29, 2018
For acquiring Red Hat, IBM will pay $190 per share in cash. ...More
By Vaishnavi Gupta
October 26, 2018
After the acquisition, Bluecore will expand its footprint in the Indian e-commerce market by establi ...More
By Vaishnavi Gupta