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ICAI finds 3 auditors guilty in GTB scam
February, 04th 2010

The Institute of Chartered Accountants of India (ICAI) has found three chartered accountants guilty in the Global Trust Bank (GTB) probe.

Members P Ramakrishna and Manish Aggarwal have been found guilty of professional misconduct and have been barred for five and three years respectively, ICAI President Uttam Prakash Agarwal told CNBC-TV18.

"We held them guilty of professional misconduct falling within the meaning of Clause 6, 7, 8, 9 of Part I of Second Schedule of the Chartered Accountants Act 1949. Both members were in practice," Agarwal said.

A sentence could not be passed against the third auditor, S Gopalakrishnan, as he is already an accused in the Satyam case facing trial. Gopalakrishnan is in jail and therefore could not present himself before the council and has been sent a notice, Agarwal said.

Two other auditors facing probe have been found not guilty.

The GTB case dates back to 2004 when the bank collapsed amid reckless lending and because of its connection with the Ketan Parekh stock market scandal. An ICAI investigation had since been on against the auditors, then belonging to audit firm Price Waterhouse, for fabrication of the banks balance sheet.

The ICAI had faced much criticism for the delay in completing the probe.

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