ICAI accused of gold plating its own cost
Statutory authority that has been setting audit standards in order to keep an eye on the Inc costs recorded in India has been accused of gold plating its own costs. One of the magistrate courts in Pune on the 19th of July has ordered the Maharashtra police to register a formal complaint for completing land purchase deals at astronomically inflated prices, against the executive members of the Institute of Cost Accountants of India (ICAI).
The petition filed one of the yester year members of ICAI, Dhananjay Vishnu Joshi stated that the institution has purchased 18 parcels of land near the Rajarhat New Town are for around Rs 7.25 crore from the land vendors. The land vendors had initially bought the same land few days back at a price of Rs 2.36 crore or nearly one third price of what the institute had paid them to buy the 18 parcels of land.
The basis of this allegation will be scrutinised by the court, hence they ordered for a formal complaint against the institution. The incident is being deeply criticised by the officials of the institution. Once the complaint is lodged the initial stages of investigation procedure can start.
Source: The Economic Times
Dhananjay Vishnu Joshi, gold plating, ICAI, ICAI website, Institute of Chartered Accountants of India (ICAI)
