The Hindu Business Line : Maligned institute

It is unfortunate that a reputed professional institute, The Institute of Cost and Works Accountants of India, has been served a show-cause notice by the Department of Company Affairs asking it to state why it should not be dissolved for certain "acts of non-compliance of the directions of the Central Government."

The show-cause notice expresses concern at the alleged deterioration in the Institute's financial position and the decline in the number of student registrations. The view was also expressed that the ICWAI's financial strength and reputation had suffered a setback. In fact, some of the office bearers' foreign visits were not agreed to but were nevertheless undertaken, violating Government directives.

The Government has also taken up certain "alleged malpractices in the declaration of results of some examinations conducted earlier," which the ICWAI Council was directed to handle in order to initiate corrective and punitive action.

There were also strictures on the excess of expenditure over the Institute's income in recent years.

The Institute should agree to the advice of the Government to convene a special emergency meeting to work out a proper reply to clear any doubts in the minds of its members.

R. Sekar

Nalco Nagar

Angul, Orissa

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