It is learnt that yesterday, Hon’ble High Court of Madras has issued notices to the Union Ministry of Corporate Affairs (MCA) and the Institute of Charted Accountants of (ICAI) on the issue of Special Audit of ICAI by Comptroller and Auditor General (CAG) of India.

Justice T S Sivagnanam, hearing the Writ Petition of Shri V Venkata Sivakumar, a Chennai based chartered accountant issued the above notices.

As reported in media, Shri V Venkatasivakumar has alleged that there is no transparent meachanism for appointment of independent auditors and the persons at the helm of the affairs of ICAI have committed irregularities in the use of funds, misuse of authority, non-adherence to ICAI regulations and abuse of powers.

It is notable that it is not long when in the year 2012 there had been a wide spread controversy over Rs. 100 crores Land Deal by ICAI

For more details and status update of the Petition bookmark this page and re-visit soon .