Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
Professional Updates »
Open DEMAT Account in 24 hrs
 ICAI invites suggestions for Pre-Budget Memorandum-2024
 Hosting of Multipurpose Empanelment Form (MEF) : 2023-24
 Income tax department all set to cut refund time to 10 days from this fiscal year
 Extension of Last Date for Online Empanelment of Members to act as Observers for November/December 2023 Examinations up to 10th September 2023.
 Exemption(s) from appearing in paper(s) or Group of Chartered Accountancy Examinations under the New Scheme of Education and Training w.e.f. May 2024 Examination
 Relaxation to Old Course Students to commence 3 years of Practical Training (i) who have passed one of the groups of Intermediate Examination under Old Scheme.(ii) who have registered / provisionally registered in Intermediate through Direct Entry Route under Old Scheme. (iii) who have converted from Intermediate (Foundation/CPT Route) to Intermediate (Direct Entry Scheme) for appearing in November 2023 Examination.
 Exposure Draft of International Tax Reform-Pillar Two Model Rules - Amendments to AS 22
 Exposure Draft of Supplier Finance Arrangements - Amendments to Ind AS 7 and Ind AS 107
 Inviting Public Comments on draft amendments in the Chartered Accountants Regulations, 1988 arising out of Amendment Act 2022
 Exposure Drafts of SQM 1, SQM 2, SA 220 (Revised), SA 250 (Revised), SA 315 (Revised), SA 540 (Revised), SRS 4400 (Revised)
 Announcement for Candidates for appearing in December, 2023 Foundation Examination under the Existing Scheme of Education and Training

All is not well with ICAI, Madras high court says
November, 06th 2013

Holding that all is not well with the functioning of the Institute of Chartered Accountants of India (ICAI), the Madras high court has decided to hear the CBI and the Chief Vigilance Commission (CVC) before passing orders on a PIL seeking CBI/CVC probe into the irregularities in the establishment of Rs 97.5-crore centre of excellence at Nagpur.

"The ICAI is supposed to be the apex board to regulate the affairs of the body and to monitor the functioning of its members. It also exercises disciplinary jurisdiction over its members. In case the apex body itself violates financial discipline, it is really a serious matter," observed Justice K K Sasidharan on Wednesday.

"Records indicate that all is not well with the statutory body. The council members have expressed their strong views against the president and secretary on account of entering into certain financial dealings without taking the council into confidence. The transaction is not confined to the centre of excellence at Nagpur. There are other land dealings also involving substantial amount," the judge said.

In his PIL, V Venkata Siva Kumar wanted the court to order a probe by the CBI or the CVC into the project, and 'unravel irregularities, conspiracy and criminal breach of trust' committed by the president and other office-bearers of the ICAI.

Minutes of the meeting revealed that the ICAI secretary had told the members that CVC regulations were not applicable to ICAI. The Nagpur land deal was cancelled due to protests by members.

Justice Sasidharan pointed out that though a CBI/CVC probe was sought neither of them has been included as party to the PIL proceedings. He then ordered that they be impleaded as parties so that their views could be heard before a final order is passed. "Though the petitioner wanted this court to issue a mandamus to CBI or CVC to conduct inquiry/investigation, the fact remains that CBI or CVC are not parties to this writ petition. Therefore, on a careful consideration of the matter, I hold that CBI and CVC are necessary parties to this writ petition," he said.

The judge impleaded the two central agencies as parties, and ordered notices to them as well. He also directed them to file their response by November 18.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2023 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting