ICAI issues notice to Economic Times over Article titled “ICAI is dead. How a ministry report put the final nail in the coffin” Dec 10, 2018 Atul Modani Updates ICAI asks for unconditional apology with a recourse of both civil and criminal action against the newspaper as per law

ICAI have issued a notice to The Editor, ET Prime, Economic Times on 28th November 2018 over an Article titled “ICAI is dead. How a ministry report put the final nail in the coffin”written by N Sundaresha Subrarmanian and Muskan Khan and published in the ET Prime dated 22nd November, 2018 terming contents of the same as derogatory which damaged the reputation of this world class Institute set up by an act of parliament and is in existence for nearly 70 years.

The ICAI have also stated that 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. ICAI have also quoted following over a specific para of the article, 

” 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.”

ICAI concluded the letter demanding to publish an unconditional apology for such an article which is not based on facts and tarnished the image of this Institute within seven days from the date of receipt of this communication.

ICAI have also stated to 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.