Financial Daily from THE HINDU group of publications
Friday, Jan 27, 2006
Financial Daily from THE HINDU group of publications Friday, Jan 27, 2006 |
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Corporate
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Economic Offences CAs make `misconduct' charge against Lodha Our Bureau
Kolkata , Jan. 26 THREE Kolkata-based chartered accountants have moved the Institute of Chartered Accountants of India (ICAI) against Mr R.S. Lodha and his two sons for professional misconduct. Addressing an impromptu press conference here on Tuesday, Mr O.P Agarwal, Mr Suresh Kumar Sharma and Mr Sashi Agarwal said the matter was brought to the notice of ICAI in October 2004. "Two weeks back, we got to know from ICAI that the matter has been forwarded to the disciplinary committee of the institute. We hope the matter is being heard as early as possible," Mr O.P Agarwal, belonging to the CA firm Agarwal Bhuwani & Co, told reporters. The three CAs made five allegations against Mr Lodha and his sons. According to them, Mr Lodha was operating under three benami firms - Clark Gardner Wolf & Co, RS Lodha & Co and JS Lodha & Co. "Moreover, Mr Lodha is actively involved in the management of the MP Birla Group companies, its trusts and other societies but continues to be the statutory auditor of these bodies. It is against the guidelines laid down by ICAI," said Mr Agarwal. He further alleged that Mr Lodha and his sons were running other businesses without the approval of ICAI. In this context, he mentioned Alfred Herbert (India) Ltd, which he alleged was promoted by Mr Lodha. "All these are gross violations of the code of conduct laid down by ICAI and appropriate disciplinary action must be taken against the Lodhas," he said.
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