THE INSTITUTE OF CHARTERED
ACCOUNTANTS OF INDIA
(Set up by an Act of Parliament
28th November, 2018
The Economic Times,
Bennett Coleman 82-, Co. Ltd.
Dr. Dadabhai Naroji Road
Please refer to the article titled “ICAI is dead. How a ministry report put the final nail in the coffin” written by N Sundaresha Subramanian and Muskan Khan and published in the ET Prime dated 22nd November, 2018.
We are pained and anguished with the contents of the aforesaid derogatory article which damaged the reputation of this world class Institute set up by an Act of Parliament and is in existent for nearly 70 years setting standards for accounting and auditing profession in the country and recognised globally for its professional excellence.
The article shows the biased mind and hatred of the author towards the Chartered Accountant professionals.
Publication of the aforesaid article has tarnished and severely dented the image of the profession of Chartered Accountant in the eyes of the public.
Apart. from various insinuations stated in the article the following is extracted below for particular attention.
“Conflict of Interest and personal rivalries of Council members also played a part in. the proceedings leading to ‘distrust among a majority of smaller practitioners.”
The aforesaid statement is far from truth. It is extremely unfair and unjust to attribute motives to the Council Members who are discharging quasi-judicial functions in the Disciplinary proceedings as per the Rules framed by the Government. There are persons of high calibre, ability and independence who are appointed by the Government as members of the Disciplinary Committee. In addition, the Government also nominates outside experts with rich and varied experience who have high standing and proven ability in the fields of administration, finance, accountancy etc. whose contributions are highly valuable in the Disciplinary proceedings. It may also be noted that without the presence of the outside experts nominated by the Government, the quorum of the Committee is incomplete. Further, there is provision for statutory appeal on the orders of the Disciplinary Committee to the Appellate Authority and finally there is judicial review of the Orders of the Disciplinary matters in the High Courts and the Supreme Court.
Without appreciating the aforesaid facts and full implications of such biased and vicious reporting, the aforesaid article is published causing irreparable loss to the prestige of this great Institution which is carefully built by illustrious visionaries of the profession.
You are, therefore, hereby called upon to publish an unconditional apology for such an article which is not based on facts and tarnished the image of this Institute. The same may be published within seven days from the date of receipt of this communication.
Please take notice that the Institute is constrained to take both civil and criminal action against you as per law including but not limited to suit for damages and also recovery of costs thereto.