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ICAI to decide Britannia pension case on Monday
May, 04th 2007
The Institute of Chartered Accountants of India (ICAI), the self-regulatory organisation for accountants and accountancy firms, will on Monday decide a complaint by a group of pensioners from Britannia Industries against audit firm CC Chokshi & Co. 
 
The pensioners have accused the auditor of not opposing diversion from the pension fund to Britannia Industries, in violation of the pension fund rules, Indian Trusts Act and income tax norms. 
 
Sources said the ICAI disciplinary committee would be hearing the pensioners' allegation that R Laxminarayan, an auditor with CC Chokshi, overlooked and supported withdrawal of over Rs 12 crore from the pension fund by Britannia Industries Ltd in financial year 2003-04. 
 
After putting off hearing a couple of times, ICAI sources said a panel would hear both the sides on Monday and take a decision. The complaint was made on April 29, 2005. 
 
When contacted, a Britannia spokesperson refused to comment on the issue saying the matter was sub-judice. R Laxminayaran of CC Chokshi also did not comment. 
 
According to the complaint made to the ICAI, CC Chokshi is accused of serious conflict of interest as it was paid consultancy fees by Britannia at the time it was an auditor to the pension fund. 
 
The trustees of Britannia Covenanted Pension Fund are Britannia Managing Director Vinita Bali and Bombay Dyeing Director A K Hirjee. Britannia is owned jointly by the Wadia Group and French dairy major Danone.
 
 
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