HYDERABAD: YSRC MP V Vijayasai Reddy has filed a writ petition in the Telangana High Court, challenging the proceedings initiated by the Disciplinary Directorate of the Institute of Chartered Accountants of India (ICAI). The MP, who is a CA, stated in his petition that the actions taken by the Directorate are arbitrary and in violation of the principles of natural justice and contravention of the Chartered Accountants Act, of 1949.
The YSRC leader moved the court after the Directorate alleged misconduct in his capacity as the financial advisor to YS Jagan Mohan Reddy and his group of companies. The Directorate prima facie found the MP guilty of professional misconduct under Clause (7) of Part-I of the Second Schedule to the Chartered Accountants Act, 1949, and decided to refer the matter to the Director (Discipline) for re-evaluation of documents and further investigation.
During the hearing, the counsel appearing for Vijayasai Reddy argued that the Telangana High Court has jurisdiction over the case, citing the location of the alleged misconduct against Jagathi Publications in Telangana. However, the counsel for the respondent authorities contended that the court lacks jurisdiction. Justice Surepalli Nanda directed the respondent authorities to file their counter and adjourned the matter for four weeks.