Financial Daily from THE HINDU group of publications
Tuesday, Apr 04, 2006
Financial Daily from THE HINDU group of publications Tuesday, Apr 04, 2006 |
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Corporate
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Corporate Disputes ICAI awaits reply from Lodhas
Nilanjan Dey
Kolkata , April 3 The Birla-Lodha tussle being fought in the corridors of the Institute of Chartered Accountants of India (ICAI) may soon take a fresh turn, with the Institute hoping to secure an early response from the CA firm to a notice sent on the basis of issues raised earlier. "We hope they (the Lodhas) will reply by the middle of this month," Mr T.N. Manoharan, newly-elected President of ICAI, said. Earlier, three Kolkata-based chartered accountants had moved the ICAI against Mr Lodha and his two sons, alleging "professional misconduct''. The CAs in question — Mr O.P. Agarwal, Mr S.K. Sharma and Mr S. Agarwal — had also hoped that the ICAI's disciplinary committee would discuss the matter as early as possible. They further claimed that the Lodhas were operating under three `benami' outfits: Clark Gardner Wolf & Co, R S Lodha & Co and J S Lodha & Co. The Institute had a few months ago sent a note to the CA firm, following which a court case had come up. The court later held that the ICAI itself would have to handle the matter. "This was a complaint case," Mr Manoharan mentioned while trying to strike a difference between the Birla-Lodha dispute and the older issue related to Global Trust Bank. "In comparison, GTB was an information case, which called for the ICAI acting on certain information concerning the erstwhile bank," he added.
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