ICAI News - HC ordered notice to ICAI, Union Ministry of Corporate Affairs
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The Madras High Court today ordered issue of notices to the Union Ministry of Corporate Affairs and the Institute of Chartered Accountants of India (ICAI), on a plea by a Chartered Accountant against the activities of ICAI.
Justice T S Sivagnanam on a petition by V Venkata Siva Kumar, a senior Chartered Accountant seeking a special audit by CAG on the finances of ICAI, ordered the notices.
Kumar, in his petition, submitted that presidents of ICAI during the past several years were indulging in irregularities in the use of funds, misuse of authority, disregarding the regulations and abuse of quasi-judicial functions by exercising them in an arbitrary manner.
He submitted that ICAI does not have independent auditors and members are kept in the dark about its affairs.
"Financial scams in the operation are not being brought to the notice of members for corrective action, resulting in steady erosion in the image of the institution", he submitted.
He alleged several instances of ICAI creating fear among the members in the guise of disciplinary jurisdiction and submitted that "the instances are only the tip of an iceberg and more can come to light if an independent inquiry is ordered."
He alleged that money and several land deals apart from service and procurement contracts involving several crores of rupees have not been properly accounted for by ICAI and prayed for ordering a special and an impartial audit to unearth the "irregularities.
Justice T S Sivagnanam on a petition by V Venkata Siva Kumar, a senior Chartered Accountant seeking a special audit by CAG on the finances of ICAI, ordered the notices.
Kumar, in his petition, submitted that presidents of ICAI during the past several years were indulging in irregularities in the use of funds, misuse of authority, disregarding the regulations and abuse of quasi-judicial functions by exercising them in an arbitrary manner.
He submitted that ICAI does not have independent auditors and members are kept in the dark about its affairs.
"Financial scams in the operation are not being brought to the notice of members for corrective action, resulting in steady erosion in the image of the institution", he submitted.
He alleged several instances of ICAI creating fear among the members in the guise of disciplinary jurisdiction and submitted that "the instances are only the tip of an iceberg and more can come to light if an independent inquiry is ordered."
He alleged that money and several land deals apart from service and procurement contracts involving several crores of rupees have not been properly accounted for by ICAI and prayed for ordering a special and an impartial audit to unearth the "irregularities.
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Comments
CA Kumar Gaurav
26-Mar-2015 , 09:35:24 amGrt Mr. Siva......proud on you
CA.Subhash Chandra Podder
26-Mar-2015 , 05:26:22 pmDear CA.V. Venkata Shiva Kumar, It was well known by many members that Financial irregularity / and misused of Members fund including land scams etc. by recent past president and other council members , is no more secret . If you consult the Institute's annual financial statements of recent past , you may find more . Many thanks V, Venkata Shiva Kumar. Also thanks to CASANSAAR TEAM for provid