The CA Institute has debarred Satyam Computer Services' ex-CFO, Mr Vadlamani Srinivas, after its disciplinary committee found him guilty of professional misconduct.
The disciplinary action — removal of Mr Vadlamani's name from the CA Institute's members' list and levy of Rs 5 lakh penalty — has come a little over three years after the Satyam accounting scandal hit the headlines.
The CA Institute President, Mr G. Ramaswamy, confirmed that the disciplinary committee had passed an order for removal of Mr Vadlamani's name as also levy of Rs 5 lakh penalty — the maximum allowed under the law.
Mr Srinivas is understood to have been found guilty on three counts — breach of the Institute's code of conduct, failing to manage the carefulness of accounts and gross disregard of work. Removal of name from members' list would bar him from undertaking professional activities like certifying financial statements in India.
The CA Institute contends that it has been proactive in taking action against erring members and there was no need for a separate oversight body, as suggested by the market regulator, SEBI.
Keywords: CA Institute, ICAI, Vadlamani Srinivas, Satyam Computer Services, ex-CFO, debarred
