Candidates who opted-out of CA exam in July due to pandemic will not lose opportunity: ICAI tells SC
Senior advocate Ramji Srinivasan, appearing for the institute, told the bench that there will be no loss of opportunity to candidates who had opted-out from the July exam as per the top court order.
With regard to candidates affected by lockdown during the relevant period of exam, the apex court said as per ICAI scheme, such candidate will be allowed to opt-out.
The apex court was hearing a batch of pleas seeking different reliefs including an opt-out option for the candidates, postponement of the exam, and increase in number of centres this year.
The CA examinations were postponed due to the COVID-19 pandemic and are now scheduled to be held from July 5-20.
Senior officials of the ministry will also hold a meeting with Infosys representatives on June 22 to discuss the issue.
Nirav Modi fraud: Chartered accountants body sends notices to statutory auditors of PNB's Brady House branch
Following the disclosure of the fraud by PNB, ICAI had formed a high-level group to study systemic issues involved in the scam.
In the wake of the scam, the biggest in the country's banking sector, the ICAI had set up a high powered group to study the issues in PNB matter and suggest remedial measures.
ICAI said it has taken a statement from a senior official of the bank and emphasised it would not be prudent to draw any conclusion against the profession till disciplinary proceedings are completed.
ICAI said it is probing whether auditors played a role in perpetrating the alleged USD 1.77 billion fraud that Punjab National Bank unearthed last week.
The ICAI has also written to the Reserve Bank of India requesting it to provide the list of the corporate borrowers of public sector banks having outstanding loan amount of Rs 2,000 crore and above.
The Institute of Chartered Accountants of India has written to the bank as well as the investigative agencies concerned -- Sebi, CBI and ED -- offering to share the information at its disposal.