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Richa Mishra
K.R. Srivats

NEW DELHI, May 7

THE Central Government has issued a notice to the council of the Institute of Cost and Works Accountants of India (ICWAI) for violation of some of its directives.

"We have issued this notice under Section 35 of the ICWAI Act, 1959, which allows the Government to take punitive action against persistent violation of its directives,'' official sources told Business Line, adding that the Section empowers them to even dissolve the council if required.

Meanwhile, the council of ICWAI has been directed to meet on May 15 to discuss and respond to the notice issued by the Union Government.

Sources said that ICWAI has been defying the directives of the Department of Company Affairs (DCA) on various counts, including the directive on the controversy over the nomination of ICWAI representative to the post of Vice-President of South Asian Federation of Accountants (SAFA).

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

Apart from this, the council members have irked the Department with their frequent foreign trips at a time when the finances of the Institute are anything but strong.

Elaborating on the issue of foreign trips, sources said, the Government has been asking the Institute to adopt certain restraint.

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