ICAI finds 3 auditors guilty in GTB scam
By admin at 3 February, 2010, 11:00 pm
The Institute of Chartered Accountants of India (ICAI) has found three chartered accountants guilty in the Global Trust Bank (GTB) probe.
Members P Ramakrishna and Manish Aggarwal have been found guilty of professional misconduct and have been barred for five and three years respectively, ICAI President Uttam Prakash Agarwal told CNBC-TV18.
“We held them guilty of professional misconduct falling within the meaning of Clause 6, 7, 8, 9 of Part I of Second Schedule of the Chartered Accountants Act 1949. Both members were in practice,” Agarwal said.
A sentence could not be passed against the third auditor, S Gopalakrishnan, as he is already an accused in the Satyam case facing trial. Gopalakrishnan is in jail and therefore could not present himself before the council and has been sent a notice, Agarwal said.
Two other auditors facing probe have been found not guilty.
The GTB case dates back to 2004 when the bank collapsed amid reckless lending and because of its connection with the Ketan Parekh stock market scandal. An ICAI investigation had since been on against the auditors, then belonging to audit firm Price Waterhouse, for fabrication of the bank’s balance sheet.
The ICAI had faced much criticism for the delay in completing the probe.
source : moneycontrol
What happened to the investors who lost money on the Scam. Will ICAI pay the amount for these hapless investors ? Why it took so long to complete the probe ? I strongly suspect that it is only to protect the guilty CA, the Institute took such a long time to complete the proble.
What comes out is only a tip of Iceberg and not full scam. Only god can the country and its people from these unscruplous so called competent professionals !!