In the light of recent developments concerning the Satyam Computers issue, The Institute of Chartered Accountants of India (ICAI), discussed the matter in its 284th Council Meeting being held from January 12-13, 2009 and has decided to constitute a High Powered Committee to look into issues arising out of Satyam fiasco.
Accordingly, the President, ICAI, CA. Ved Jain today constituted a 6 member High Powered Committee. The Committee would be headed by Vice-President, ICAI, CA. Uttam P. Agarwal. The composition of the said Committee is as follows.
* CA. Uttam P. Agarwal, Vice-President, Chairman
* Shri K.R. Maheshwari, Central Council Member, Nominated by the Government
* CA. S.L. Daga, Central Council Member
* CA. Amarjit Chopra, Central Council Member
* CA. Akshay Kumar Gupta, Central Council Member
* CA. Subodh Kumar Agrawal, Central Council Member
The terms of reference of the Committee are as follows.
* To look into the entire gamut of the Satyam fiasco, including helping / coordination with the investigation being carried out by various agencies, going into the roots of the problem, effectiveness of the system in place, systemic issues.
* To identify the root causes including the persons involved / associated with this issue.
* To suggest change(s), wherever required, for the purpose of making appropriate recommendation(s) to the Central Government, SEBI and other Regulators.
The Committee has been asked to submit its report latest by February 11, 2009.