Slight correction but an important one.

Price Waterhouse holds a special place in the Indian business community due to their long presence in India, more than 100 years. They are grandfathered in to many of the rules that have been established more recently for others. In particular, Price Waterhouse can audit under the Price Waterhouse name in India, an exception to Section 190 of the Chartered Accountants and Regulation Act.
In addition, partners who retire from other firms are not permitted to hold positions in boards of companies that are audited by their former firm. Price Waterhouse India has done exactly the opposite. As soon as Amal Ganguli retired as a senior partner in 2003 and immediately he joined the boards of the companies he himself audited : HCL, NIIT,NDTV and Maruti –just to name a few.
Similarly Satyabrata Ghosh another retired senior partner joined the board of Global Trust Bank while his protégé Amal Ganguli signed the accounts. In the last year just before Global Trust Bank collapsed, Satyabrata Ghosh was a director of the bank while his own nephew Partha Ghosh a partner of the firm signed the accounts of the bank.
PwC Global performs lucrative non-audit work through an “independent” company called Pricewaterhouse Coopers Private Ltd. but the fig-leaf of independence falls off on two counts:
1) The three legal entities that conduct external audits of clients and are registered with the PCAOB in the United States, Lovelock and Lewes, Price Waterhouse and Co Bangalore and Price Waterhouse & Co Kolkata, are all licensed by the same parent PwC International, London, and
2) Ramesh Rajan is the Senior Partner of Lovelock & Lewes and Price Waterhouse and the Chairman of PricewaterhouseCoopers Private Ltd.

Francine