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K.R. Srivats

NEW DELHI, May 27

THE South Asian Federation of Accountants (SAFA), a SAARC body comprising seven accounting institutes of the SAARC region, has a new Vice-President in Mr Ashok Chandak, President of the Institute of Chartered Accountants of India (ICAI).

Mr Chandak will be the Vice-President of SAFA for 2002.

By convention, a member who is to become President of SAFA in a particular year is to take the post of Vice-President in the previous year. This implies that a Vice-President automatically becomes President of SAFA next year. By mutual agreement, each accounting body (i.e., each member of SAFA) holds the position of President by rotation once in every seven years.

"Our President has been elected as the SAFA Vice-President for this year at a SAFA meeting in Mumbai on Sunday. He would be eligible to take over the post of SAFA President next year," an ICAI official said.

Mr Chandak's nomination to the post of SAFA Vice-President was mired in controversy, with the Department of Company Affairs (DCA) directing the Institute of Cost and Works Accountants of India (ICWAI) to surrender and stand down in favour of the ICAI for the SAFA Vice-President post in view of ICWAI's financial position. It was the turn of ICWAI to hold the post of Vice-President of SAFA in 2002 (and President in 2003)

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