Price Waterhouse Coopers is not a firm of Chartered Accountants registered with the Institute of Chartered Accountants of India (ICAI). The ICAI has, however, initiated disciplinary action against M/s. Price Waterhouse, Bangalore, M/s. Price Waterhouse with head office at Kolkata and M/s. Price Waterhouse with head office at New Delhi, which are firms of chartered accountants registered with the ICAI.
Under the Chartered Accountants Act, 1949 and the Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007 framed there under, it is the ICAI, which is empowered to take disciplinary action in relation to misconduct of any of its members.
As ICAI is regulatory authority for taking action against chartered accountants of these firms, the Government does not come into picture.
This information was given by Shri Salman Khurshid, Minister of Corporate Affairs in the Rajya Sabha 30th November 2009 in a written reply