ICAI set to constitute group to expedite IndusInd, Gensol cases

New Delhi: The Institute of Chartered Accountants of India (ICAI) will constitute a special group to expedite proceedings in cases related to alleged accounting and auditing irregularities involving IndusInd Bank, BlueSmart Mobility and Gensol engineering, its President Prasanna Kumar D said on Wednesday.

The cases were among about 10 matters of public interest that the accounting regulator aims to rule on within the next two months, he told a news conference after taking office this month. “We are looking at cases which involve public interest and are at different stages,” he said, adding that the review of Gensol Engineering and BluSmart Mobility has been sent to the disciplinary committee.

The audit regulator had launched an investigation into the financial statements and statutory auditor’s books of Gensol Engineering and BluSmart in April last year following concerns about diversion of funds.
He added that the Center plans to expand the Prime Minister’s Internship Scheme (PMIS) to professional services firms such as Chartered Accountants, Cost Accountants and Company Secretaries to expand the scope of internship opportunities under the government’s flagship skills initiative.

“The government is making some changes in the (PMIS) plan and once these are announced, we will implement the plan,” the ICAI chief said.