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Richa Mishra

NEW DELHI, Sept. 24

IN a bid to tighten its grip on the functioning of the Institute of Cost and Works Accountants of India (ICWAI), the Department of Company Affairs (DCA) has increased the number of its official nominees in the central council of the institute.

This increase has come at the cost of a non-official nominee of the Government, taking the strength of the official nominees to two.

"After this appointment, there will be two official nominees of the Government and two non-official nominees by the Government in the Council," sources told Business Line.

DCA is empowered to appoint four Government nominees on the board of the council. Earlier, there were three non-official nominees and one official nominee.

Explaining the rationale behind the move to increase the number of official nominees, sources said, "It is aimed at ensuring proper functioning of the institute and also provide a framework that would require enhanced participation of the Government nominees in the working of the council."

Further, according to sources, it was observed that many a time the Government could not be represented in certain important meetings due to the absence of adequate number of official Government nominees.

The three non-official nominees on the board are Mr Vijay Kumar Jhalani, Ms Deepa Gupta and Mr Chander Wadhwa. DCA has dropped Ms Deepa Gupta and replacing her is the official nominee of the department, Mr Aditya Prakash, Director, DCA.

The Department has also nominated Mr M.N. Mathur, Economic Advisor, DCA, as its official nominee in place of Mr Rajiv Mehrishi, Joint Secretary, DCA.

Following these changes, while the two official nominees are Mr Prakash and Mr Mathur, the non-official nominees are Mr Jhalani and Mr Wadhwa.

DCA had, in the recent past, intervened in the functioning of the institute, when it had withdrawn the financial powers of the council. Though these powers were later restored to the council, the department has still retained the powers of monitoring travel expenses. Any inland and overseas travel expenses beyond Rs 5,000 require prior approval of the department.

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