The Institute of Chartered Accountants of India ( ICAI ) has recently issued notices to the auditors of the Amrapali Group Companies based on the interim reports of the forensic auditors appointed by the Apex court, it is coming out that there have been huge diversion of funds of the home buyers investing in housing projects of Amprapali Group.
There were reports indicating serious irregularities in the conduct of the statutory auditors of the Amrapali Group companies which has reportedly been pointed out by the forensic auditors in their report to the Hon’ble Supreme Court.
Based on such media reports as also the various interim orders passed by the Supreme Court, the Institute of Chartered Accountants of India (ICAI) as the proactive regulator has immediately issued suo moto notices to the statutory auditors of Amrapali Group for the period 2008-2015 and also for the latter period. The ICAI has issued suo moto notices to these auditors by treating as “Information” in terms of the provisions of the disciplinary mechanism as provided in the Chartered Accountants Act, 1949 and the Rules framed thereunder.
“The ICAI would be vigorously investigating the matter and take all necessary steps for ensuring that any misconduct by the errant auditors are enquired into in a fast-track mode in terms of the procedure prescribed under the aforesaid Chartered Accountants Act and the Rules,” ICAI said in a statement.
