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Richa Mishra

NEW DELHI, June 6

THE Department of Company Affairs (DCA) is examining the response of The Institute of Cost and Works Accountants of India (ICWAI) to the show-cause notice issued to the institute's council for violation of some Government's directives.

Official sources told Business Line that "the institute in its reply has submitted that the violations have been committed by the individuals and not the council. The council of the institute disassociates itself with those violations.''

The department has also constituted a three-member committee to look after the specific financial issues of the institute.

The Government had served notice to ICWAI for not following its instructions. This included the directive on restraining foreign travels.

The council members have irked the department with frequent foreign trips at a time when the finances of the institute were anything but strong. The Government has been asking the institute to adopt certain restraint measures, sources said.

Apart from this, the controversy over the nomination of ICWAI representative to the post of vice-president of South Asian Federation of Accountants (SAFA) had also miffed the department.

Earlier, DCA had directed ICWAI to withdraw its candidature. The reason was that the institute did not have sufficient funds. The post of SAFA calls for foreign trips, holding seminars etc. which would have proved expensive for the institute, sources said.

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