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Icai mulls moving court to quiz Satyam promoters
February, 13th 2009

Institute of Chartered Accountants of India (Icai) on Wednesday said it contemplates moving court for permission to interrogate the promoters and former chief financial officer of the fraud-hit Satyam Computer.

Icai is contemplating moving court for permission to interrogate Satyam Computer former chairman B. Ramalinga Raju and its former CFO Srinivas Vadlamani, said Icais newly- appointed president Uttam Kumar Agarwal.

Currently, Icai, the nodal body regulating accounting standards in the country, is not empowered to call any person for interrogation. But with a view to the Satyam-fraud, the body is considering seeking the courts approval on the issue, Agarwal said.

A high-powered committee was set up by Icai headed by its president in the wake of the Satyam fraud.

The committee, which submitted its interim report today, would take at least two-three months to file the final report, Agarwal said.
The committee has been mandated to look into the entire gamut of the scam including coordination with various investigative agencies to reach the roots of the malaise, effectiveness of corporate governance systems in place and other related issues.

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