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ICAI may not press for disciplinary action against Satyam CFO Vadlamani

January, 19th 2009
The Institute of Chartered Accountants of India (ICAI) is not likely to press for disciplinary charges against Satyam Computers former CFO Vadlamani Srinivas as he is not a registered member of the Institute. According to the institute regulations, no action can be taken against a Chartered Accountant if he is not a member of the institute. When contacted, ICAI Vice President Uttam Prakash Agarwal, who is also heading the panel to probe the fraud at Satyam told ET,'We are examining the issue(the membership of Mr. Srinivas).'We will try to find out the status of his membership.' It is also learnt that other members of Satyam internal audit team are also not members of ICAI. The CFO along with Satyam promoters is currently in custody with investigators probing the Satyam fraud case.