NAGPUR: The fact-finding team of Institute of Chartered Accountants of India
(ICAI), which is investigating a Rs100 crore land deal involving its
president, is said to be divided over the action to be recommended to
the central governing body. City-based CA Jaideep Shah is the current president and embroiled in a controversy over purchase of land on the city's outskirts.
Shah had approved a Rs100 crore deal for a 2 lakh square feet
property in Luxora Township at Pipla on Nagpur's outskirts. An advance
of Rs10 crore has been paid. But the cost raised several eyebrows,
leading to a six-member fact-finding team being set up.
The report to be submitted by the committee has already been
delayed by a fortnight. It is learnt that the team is divided into two
camps. One of the groups is pressing for harsh strictures against Shah,
including cancellation of the deal and action against the ICAI
president, whose term is expiring next month. The other group, however,
wants to go soft on him. This group may limit its action to mere
cancellation of the deal, said a source closely following the affair.
A member of the team confirmed the division in the team, but
refused to divulge anything more, saying that the matter is being sorted
out.
The brother of
Mahesh Sarda,
convener of the fact finding team, is a partner in a firm facing a
disciplinary action for non-compliance of ICAI's rules. Shah, as ICAI
president, has a major say in such proceedings. This matter had come up
during the last central council meeting, with a member accusing Sarda of
deliberately going soft on Shah. However, the statements were not
included in the minutes due to a collective decision of the council.
Hectic parleys took place on January 24 and 25 on this matter,
with another meeting planned on Tuesday. The matter is to be taken up in
the ICAI central council meeting on January 30, where a final decision
will be taken.
Sources close to the affair says there are chances two reports may
be put up before the council on January 30. However, both groups are
still trying to convince each other.