Process of cleaning economy continues

In the ongoing process of cleaning the country’s economy, at least twenty six Chartered Accountants (CAs) have come under scanner of the Institute of Chartered Accountants of India (ICAI). The regulator for accountancy can initiate disciplinary action against the professionals.

A News agency on Sunday quoted ICAI President Nilesh Shivji Vikamsey saying, “The role of  26 chartered accountants with respect to their alleged links with shell companies are being looked into by the institute.”  He said that reference about 26 chartered accountants came from Serious Fraud Investigation Office (SFIO) and their details are being collected.

ICAI can initiate stringent disciplinary proceedings, including suspension and cancelling their registration, against members violating the norms.

On July 21, Corporate Affairs Minister Arun Jaitley  was quoted saying to members of Lok Sabha as, “The Registrars of Companies (RoCs) have removed 1,62,618 companies from the register of companies as on July 12, 2017 after following due process under Section 248 of the Companies Act, 2013.”

Prime Minister Narendra Modi, while addressing ICAI’s foundation day on July 12, sought to send out strong message against chartered accountants trying to help shell companies in black money dealings.