Take This Quiz & Predict Your Score in the coming CA CS or CMA Exam!
  • How important it is for you to pass the exam in this attempt?
  • What percentage of course you have finished well so far roughly?
  • How many hours you study in a day?
  • How many times you have revised the topics you have finished
  • Have you taken online or pen drive or live class from a renowned faculty?
  • What percentage of the classes you have watched?
  • Have you attempted mock tests or practice tests yet?
  • Are you planning to attempt mock tests conducted by external bodies- ICAI, ICSI, ICMAI or other institute?
  • How many tests you have taken?
  • Did you manage to finish the test papers on time?
  • Are you strictly following study material provided by the exam conducting authority such as ICAI/ICSI/ICMAI/Other Body?
  • How is your health in general?
  • How is your food habit?
  • Any interest in yoga or exercise or play sports regularly?
  • Planning to sleep well nights before the exams?
  • Planning to have light food and water before exams?

ICAI on Satyam Verdict

ICAI on Satyam Verdict

As part of ICAI’s continuous drive to uphold the credibility, integrity and image of the accountancy profession in India, the regulatory mechanism of the Institute of Chartered Accountants of India (ICAI) is working assiduously. ICAI has been taking disciplinary action against its errant members as per the provisions of the Chartered Accountants (Amendment) Act, 2006 and Rules framed there under.

In the wake of Satyam scam, disciplinary action was initiated against S. Gopalakrishnan & S. Talluri, the concerned partners of the Statutory Audit firm, P. Siva Prasad & C. Ravindernath, Audit Incharge(s) from the said Audit firm, V. Srinivasu, then CFO of Satyam and V. S. Prabhakara Gupta, Head of Internal Audit Department of Satyam. After completion of enquiry against the aforesaid persons, the Disciplinary Committee having found them guilty of professional misconduct had awarded the maximum punishment of removal of their name(s) from the Register of Members permanently and also imposed a fine of Rs. 5 lakh each on them.

CA.Manoj Fadnis, President, ICAI said “ICAI initiated the proceedings in the Satyam case in Jan, 2009 immediately after the same was reported in the Media. ICAI initiated Disciplinary proceedings against the concerned members & the proceedings were completed in October, 2010 in all cases except one and reached finality in October, 2013 with the last case. The Appellate Authority constituted under Section 22A of the Chartered Accountants (Amendments) Act, 2006 in all cases, except one case which is yet to be decided by the said Authority also upheld the decision of ICAI.”

The details of proceedings initiated & conducted against each individual members involved are annexed.

While law took its own course, today a special court sentenced the founder of the erstwhile Satyam Computer Services Ltd. and nine others to seven years of rigorous imprisonment after convicting them in India’s biggest case of corporate fraud. The CBI had charged the 10 suspects with collaborating to inflate revenue, fabricate invoices, falsify accounts and income tax returns and fake fixed deposit receipts to paint a rosy picture of the company’s financials to deceive the public.

CA.Manoj Fadnis, President, ICAI added “ICAI respects the decision of Hon’ble special Court which further validates the decision taken by the Institute. ICAI is committed to ensure justice in all disciplinary cases and thereby upholding the values of Excellence, Independence and Integrity which form the benchmarks of the profession.”​

ICAI on Satyam Verdict,Check here

cakartAt CAKART you will get everything that you need to be successful in your CA CS CMA exam – India’s best faculty video classes (online or in pen drive) most popular books of best authors (ebooks hard copies) best scanners and all exam related information and notifications.Visit  and chat with our counsellors any time. We are happy to help you make successful in your exams.

Leave a comment

Your email address will not be published. Required fields are marked *