ICAI committed to ensure justice in all disciplinary cases: Fadnis

The CA institute sees the Special Court’s final verdict in the multi-crore Satyam Computer scandal as “the law taking its own course” on the criminality aspect of the fraud.

As for the action for “professional misconduct”, the institute — as regulator for audit profession — had completed its disciplinary action on all the six members involved in the scam in the year 2012 itself, said the Institute of Chartered Accountants of India (ICAI) President Manoj Fadnis.

“For us, Satyam Computer’s is a closed chapter (at the level of disciplinary committee) as we had in 2012 itself completed the professional misconduct cases and held all the six members guilty,” Fadnis told BusinessLine .

The names of five guilty professionals — S Gopalakrishnan (external auditor partner), VS Prabhakar Gupta (head of internal audit), Srinivas Vadlamani (former Chief Financial Officer) —have been removed from the CA members’ list. For the others, the matter is pending before High Court/Appellate Authority.

A fine of ₹5 lakh has also been imposed on each of the six members found guilty, Fadnis said.

“ICAI respects the decision of Hon’ble special Court which further validates the decision taken by the Institute. ICAI is committed to ensure justice in all disciplinary cases and thereby upholding the values of Excellence, Independence and Integrity which form the benchmarks of the profession,” Fadnis said.​

On Thursday, the Special Court in Hyderbad convicted Former Satyam Computer Chairman Ramalinga Raju and nine others in the ₹7,123 crore corporate fraud case.

Those convicted for criminal conspiracy included S Gopalakrishnan and Srinivas Talluri (external auditor partners), VS Prabhakar Gupta (head of internal audit), Srinivas Vadlamani (former Chief Financial Officer).

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