1. Cyrus Mistry letter prompts ICAI to put Tata Sons ‘irregularities’ under scanner

Cyrus Mistry letter prompts ICAI to put Tata Sons ‘irregularities’ under scanner

Taking cognisance of Cyrus Mistry’s letter to Tata Sons board and regulators, including Sebi, the Institute of Chartered Accountants of India (ICAI) has started investigating various accounting-related irregularities raised by him, newly appointed president of ICAI Nilesh S Vikamsey said on Tuesday. He added that a similar exercise related to United Spirits (USL) was also underway.

By: | New Delhi | Published: February 15, 2017 7:36 AM
(Source: PTI) Mistry had written a letter to the company board and Sebi after being removed as chairman of Tata Sons last year. (Source: PTI)

Taking cognisance of Cyrus Mistry’s letter to Tata Sons board and regulators, including Sebi, the Institute of Chartered Accountants of India (ICAI) has started investigating various accounting-related irregularities raised by him, newly appointed president of ICAI Nilesh S Vikamsey said on Tuesday. He added that a similar exercise related to United Spirits (USL) was also underway.

“We have asked the Financial Reporting Review Board (FRRB) to look at accounting issues arising out of that and examine whether there are any irregularities,” Vikamsey said. He was responding to a query on whether the institute was looking at alleged irregularities at some Tata group companies.

FRRB, which comes under the ICAI council, reviews the compliance of entities with various accounting and auditing standards.
“Predominantly, I would say in the Cyrus Mistry letter whatever the accounting related matters have been commented upon, that is being looked at,” Vikamsey said.

Mistry had written a letter to the company board and Sebi after being removed as chairman of Tata Sons last year. He had raised several issues that pointed to possible irregularities in some group firms. Similarly, the institute took note of Sebi barring Vijay Mallya and six former officials of USL from securities markets in a case related to illegal fund diversions.

  1. C
    Chief K
    Feb 15, 2017 at 5:07 am
    So, Mr. Mistry noticed these accounting irregularities only after he got fired? Was he sleeping before? This is another good reason to hire him and fire him again. What a sore loser. Shame on you Mr. Mistry. No corporation in the world will ever touch you and you have given them enough reasons for that. At least now, show some dignity and let go of this w mess and make peace with the decision that you got fired for your in competencies.
    Reply
    1. H
      Hari Yadav
      Feb 21, 2017 at 10:36 am
      A bold move by ICAI to look in to the irregularities cited in Cyrus Mistry’s letter. We certainly do hope the ICAI conducts some though inspection to see the truth in his stand! This will only ensure better governance to prevail in corporate India
      Reply

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