The Hindu Business Line : ICAI told to get Govt nod for lending name

THE Institute of Chartered Accountants of India (ICAI) will have to henceforth obtain prior approval of the Government before it lends its name or funds to any body it floats.

A regulation to this effect has now been framed and cleared by the ICAI council under the directions of the Central Government.

"We have complied with Government directions and passed a resolution that the name of ICAI or its funds would not be used for any other body floated by the institute without obtaining prior approval of the Government," Mr Kamlesh Vikamsey, President, ICAI, told Business Line here.

He said this regulation has now been forwarded to the Government.

On ICAI University, Mr Vikamsey said the Government has "advised" that the institute's name or funds should not be used for the proposed university until certain issues were sorted out.

"The Government had sought more information. We have gone to the Government and placed before them all facts and the objective for setting up a university.

If they still feel we should not go ahead or lend ICAI's name, then we won't," Mr Vikamsey said.

He said there was a "communication gap" between ICAI and the Government on the issue of the proposed university. Mr Vikamsey hoped the entire issue would soon be sorted out.

ICAI had planned to set up the ICAI University in Rajasthan.

The Rajasthan Government had given land for the proposed university at a nominal cost.

The university is to be set up by ICAI ARF (Accounting Research Foundation), which is basically a Section 25 company under the Companies Act 1956.

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