Date: 13th October, 2016

1. The Council of the Institute in its 238th(adjourned) meeting held on Saturday, the 17th September, 2016, took a serious note of various instances of financial and other irregularities as reported through the Draft Audit Report for FY-2015-16, a copy of which consequent to such serious observations was shared with the HQ, and stated to have taken place at the office of the WIRC i.e. Western India Regional Office (WIRO).

2. Keeping in view the best interests of the Institute and in order to find out for itself, the correct position with regard to the pointed out irregularities in the WIRC/WIRO which, inter-alia, are with respect to the following:

(i) Mis-appropriation of Funds;

(ii) Falsification of Accounting Records;

(iii) Personal expenses charged to WIRO accounts;

(iv) Non-adherence to the Purchase Policy and other Policies;

(v) Payment of conveyance expenses to staff in lieu of overtime;

(vi) Various instances of payment of expenses exceeding Rs.20,000/- in cash in violation of the Policy and Section 40(A) (3) of the Income Tax Act, 1961

and critical in nature, the Council, therefore, has decided to constitute an Investigation Committee (i) to investigate into all such financial and other irregularities, and (ii) to make recommendations on taking the appropriate administrative, disciplinary, legal and/or other suitable actions.

3. Further, pending such investigation, also with a view to ensure that a proper investigation is conducted by the Investigation Committee, the Council, in exercise of the power(s) conferred upon it under Section 15(1) read with Section 23 of Company Secretaries Act, 1980, and inter-alia Regulations 111 and 147 of the Company Secretaries Regulations 1982, for overall control, guidance and supervision of the Institute, has set aside and suspended the powers of (i) CS Kamlesh Joshi, the present Chairman of WIRC, and (ii) CS Swati Bhatt, the present Secretary of WIRC and accordingly, decided that they shall not exercise any power, directly or indirectly, whether stated or implied, under the Company Secretaries Act, 1980, Company Secretaries Regulations, 1982, Guidelines, Rules and Directions of ICSI, including but not limited to all financial, administrative and related powers, which would include the signing of Cheques or operation of Bank Account, as Chairman of the Regional Council, or representing ICSI in the capacity of Chairman/ Secretary or Office Bearer before any corporate(s), authority or body, members, students or other stake-holders till further order.

4. In order to maintain the continuity in the working of the functions of WIRC/WIRO consequent to the suspension of all financial, administrative and related powers, signing of Cheques or operation of Bank Account, as Chairman of the Regional Council, and/ as the Secretary, the Council, in exercise of the powers conferred on it under section 15(1) read with Section 23 of Company Secretaries Act, 1980, and inter-alia Regulations 111 and 147 of the Company Secretaries Regulations, 1982, has decided to appoint one Administrator pursuant to which Shri S. K. Nagar, Joint Secretary, ICSI has been appointed as the Administrator of Western India Regional Office with immediate effect and till further orders.

5. Sh. S. K. Nagar, Administrator, appointed pursuant to the orders by the Council, till the time he is required to function as Administrator, shall:

(i) undertake and carry out the required functions, and exercise all duties and rights as the Chairman of WIRC

(ii) carry out and/or suitably assign the required functions of the Secretary.

(iii) Undertake and carry out all the Functions, as may be considered necessary, including exercising the necessary financial powers, being the Chief Executive Authority of WIRC, such as signing the Cheques and other such instruments for which he would be appropriately authorised.

By Order of the Council



Shri S. K. Nagar The Administrator

Copy to :
1. All Members of the Western India Regional Council
2. The Regional Director, WIRC
3. All HODS

More Under CA, CS, CMA

Posted Under

Category : CA, CS, CMA (3827)
Type : Notifications/Circulars (32209) Orders (601)
Tags : ICSI (426)

One response to “ICSI appoints administrator to check financial irregularities at WIRC”

  1. preeti saxeria says:

    petty people.. throw them out!! they have brought ICSI into disrepute..

Leave a Reply

Your email address will not be published. Required fields are marked *

Featured Posts