Team  SoOLEGAL

SC asks Centre to draw a policy framework to regulate multinational accounting firms

Team SoOLEGAL 24 Feb 2018 4:41pm

SC asks Centre to draw a policy framework to regulate multinational accounting firms

New Delhi: While listening to petition filed by S Kumar and NGO Centre for Public Interest Litigation on alleged illegal operations of multi-national accounting firms (MAFs) in India in collaboration with Indian charted accountancy firms (ICAFs), a bench of SC Justices Adarsh Kumar Goel and Uday Umesh Lalit ordered the Centre to take steps to check them from flouting rules.It asked the centre to constitute a three-member committee of experts which can look into the statutory framework to enforce properly Sections 25 and 29 of Chartered Accountants Act and the statutory code of conduct for CAs so as to regular MAFs.

Petitioner S Kumar and NGO Centre for Public Interest Litigation have alleged that MAFs are operating illegally in India in contravention of the CA Act and have been indulging in fraudulent accounting practises leading to scams like the one involving Satyam Computers.

Taking note of the facts, the bench has given time till next two months for setting up of the three-member expert committee, and further take steps for effective enforcement of provisions of the FDI policy and FEMA regulations.The committee is to suggest remedial measures which Union government may consider after due deliberation.The committee has been asked to submit the report within three months of formation.

Tagged: SC   MAFs   NGO   PIL  
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