All is not well with ICAI, HC notice to CBI, CVC on charges of irregularities in ICAI
PrintListen to this Article
Observing that all was not well with the functioning of the Institute of Chartered Accountants of India (ICAI), Madras High Court today ordered issue of notice to the CBI and Central Vigilance Commission on a petition alleging financial irregularities by the office-bearers of the apex body of auditors.
Directing impleading of CBI Director, CVC, Joint Director of CBI,Chennai unit as respondents, Justice K K Sasidharan also ordered issue of notices to them returnable by November 18 November.
The order was given on a petition by Chartered Accountant C A V Venkata Siva Kumar seeking a direction to the CBI or the CVC to investigate and unravel alleged irregularities, conspiracy and criminal breach of trust committed by the ICAI President and other office-bearers, more particularly in the purchase of land and building for a sum of Rs 97.5 crores for establishing a Centre of Excellence atNagpur.
He alleged that the statutory body had paid an exorbitant price and it was reported in media.
Kumar further claimed on perusal of records the transaction was not confined to the Nagpur centre alone and there were other dealings also involving substantial amount.
The Judge observed that the records indicated that all was not well with the statutory body. The Council members have expressed their strong objections against the President and the Secretary on account of entering into certain financial dealings without taking the council into confidence.
The judge further said transactions involving several crores were not discussed in the council and the Government nominees in the council were not consulted before land deal which was cancelled later on account of the protest by council members.
However, this (cancellation) would not put an end to the issues raised by the petitioner.
He also said the records revealed certain disturbing features in the functioning of the ICAI. (Business Standard)
Category : ICAI | Comments : 0 | Hits : 3679
The CA Institute has proceeded and notified its revised exam dates (announced on March 19) for the intermediate course examination and final examination despite a pending Supreme Court hearing slated for April 29 on postponement plea filed by some CA Students. An ICAI notification—gazetted on April 25 —showed that the intermediate course exams will be held on May 3, 5 & 9 (Group I) and May 11, 15 and 17 (Group II). The final exams are scheduled for May 2, 4 and 8 (Group ...
The Institute of Chartered Accountants of India (ICAI) has found gross negligence by edtech firm Byju's auditors, ICAI president Ranjeet Kumar Agarwal said on Wednesday. "Our inspection has found gross negligence on accounting practices by individual auditors of Byju's and accordingly we have recommended to the Financial Reporting Review Board (FRRB) to take punitive actions on auditors concerned," Agarwal told news agency PTI. Agarwal said, "The FRRB wil...
The Enforcement Directorate (ED) raided premises linked to Delhi Chief Minister Arvind Kejriwal’s personal secretary Bibhav Kumar, and Aam Aadmi Party (AAP) Rajya Sabha MP, Past President of ICAI Sh.ND Gupta in connection with a money laundering probe related to the Jal Board case. The central probe agency had last month arrested Jagdish Kumar Arora, the former chief engineer of the Delhi Jal Board. The probe agency claims that Arora awarded a contract worth Rs 38 crore to NKG Infrastru...
A bench of justice Bharav D Karia had observed that the activity of a CA includes that of accounting, auditing, refereeing, receivers, arbitrators and special commissioners as prescribed by the ICAI to be carried out on-premises and at places of managing partner may determine The Gujarat high court has ruled that a Chartered Accountancy (CA) firm should be classified as a professional establishment rather than a shop, commercial or retail entity and as a result, its employees are deemed ineli...
Notice Sent to Kumar Vishwas by Advocate (CA) Dr. Suneel Maggo for his Derogatory Remarks against Professionals (Chartered Accountants and Company Secretaries). We had discussed the matter with Advocate Suneel Maggo and the same has been uploaded on the youtube but on the pressure of Kumar Vishwas, Video has been removed 2 times. In his notice to Kumar Vishwas, He asked for Sorry to the Professional else Next Defemation Notice to Kumar Vishwas for his Derogatory Remarks against Chartered A...
Comments