ICAI mulls moving court for nod to quiz Satyam's promoters
Institute of Chartered Accountants of India said it is contemplating to move court for permission to interrogate the promoters and erstwhile Chief Financial Officer of the fraud-hit Satyam Computer.india Updated: Feb 11, 2009 20:16 IST
Institute of Chartered Accountants of India (ICAI) on Wednesday said it is contemplating to move court for permission to interrogate the promoters and erstwhile Chief Financial Officer of the fraud-hit Satyam Computer.
"ICAI is contemplating moving court for permission to interrogate Satyam Computer's former Chairman B Ramalinga Raju and its former CFO Srinivas Vadlamani," ICAI's newly- appointed president Uttam Kumar Agarwal told reporters here.
Currently, ICAI, the nodal body regulating accounting standards in the country, was not empowered to call any person for interrogation, and therefore, was considering moving the court on the issue, Agarwal said.
A high-powered committee was set up by ICAI headed by its president in the wake of the Satyam fraud.
The committee, which submitted its interim report on Wednesday, would take at least two-three months to file the final report, Agarwal said.
The committee has been mandated to look into the entire gamut of the scam including co-ordination with various investigative agencies to reach the roots of the malaise, effectiveness of corporate governance systems in place and other related issues.