ICAI Past Presidents express Outrage on 100cr Nagpur deal!

[CA Vikas Garud]

Subject: Fwd: ICAI Past Presidents express Outrage on 100cr Nagpur deal!

Dear Friends,

Now even Illustrious Past Presidents of our Institute are calling for the shocking, improper 100 cr Nagpur land deal to be cancelled. It is well known now that 3 Central Council members - 1 from Delhi, 1 from Pune and 1 from Chennai supported the Nagpur land scam. Each one of them should be asked tough questions and we deserve an explanation/justification from them for backing this outrageous deal.

From: Ashok Chandak <ashokk...@gmail.com>

Date: 25 November 2012 12:18:35 AM IST
To: Vishnu Haribhakti <vishnu.h...@bdoindia.co.in>
Cc: "<karth...@icai.in>" <karth...@icai.in>, "<secr...@icai.org>" <secr...@icai.org>, "<pres...@icai.org>" <pres...@icai.org>, "<vicepr...@icai.org>" <vicepr...@icai.org>, "<rajku...@gmail.com>" <rajku...@gmail.com>, "<rameshw...@icai.org>" <rameshw...@icai.org>, "<tvan...@gmail.com>" <tvan...@gmail.com>, "<blk...@icai.org>" <blk...@icai.org>, "<ymal...@sbbandco.com>" <ymal...@sbbandco.com>, "<bs...@hathway.com>" <bs...@hathway.com>, "<pns...@shahco.in>" <pns...@shahco.in>, "<<ahd...@icai.org>" <ahd...@icai.org>, "<np.s...@yahoo.com>" <np.s...@yahoo.com>, "<ymka...@gmail.com>" <ymka...@gmail.com>, "<m...@mmchitale.com>" <m...@mmchitale.com>, "<acha...@icai.org>" <acha...@icai.org>, "<<tnman...@gmail.com>" <tnman...@gmail.com>, "<

  

   Subject: Re: Press Report

Respected Haribhakti Saab

I am in full-agreement with you. In entire city of Nagpur this is a hot topic even though in a press press conference by the presidential clarified the issue. . Thus in order to save name of ICAI I think the deal should be cancelled. It is also understood that the other party in the deal is chartered accountant only.thus iCAI may be in a position to get back part payment and only loss would be to the extent of stamp duty erc paid-on the registration (apron Rs. 2.00 crores),

Possible this step may help us in mending the glory of ICAI

WITH REGARDS

ASHOK CHANDAK

 

nt. 

Fence 

Sent from my iPad

On 24-Nov-2012, at 5:14 PM, "Vishnu Haribhakti" <vishnu.h...@bdoindia.co.in> wrote:

VBH/M19/ASV

 

Dear Karthikeyan,

 

I am very disturbed by the letters, e-mails and the Press Report in this morning’s “Times” about the alleged irregularity in connection with the acquisition of land at Nagpur. The Report suggests that the Institute entered into an Agreement for purchase of land in Nagpur at a cost of nearly about Rs. 90 crores and the allegation is that this was a hugely inflated price.

 

I am shocked to know that the Institute should spend as much as Rs. 90 crores for acquisition of land at Nagpur for the “Centre of Excellence”. Such a large outlay for ‘land’ in one city looks, prima facie, looks impropriate. I shall be grateful if you will let me know the factual position on the following points: -

 

a) Whether an agreement for purchase of land at about Rs. 90 crores has been entered into on behalf of the Institute.

 

b) Whether a part payment of Rs. 10 crores was made and on the basis of part payment, the document has been registered?

 

c) Whether the Executive Committee or the Council had given prior approval for purchase of land at Nagpur at a cost of about Rs. 90 crores.

 

d) Whether any Valuation Report and two or three other ‘offers’ were obtained before the agreement was entered into for purchase of land?

 

e) Whether the Agreement was approved by the Executive Committee/Council; who signed the Agreement on behalf of the Institute and whether the person signing was authorized by the Executive Committee/ Council to enter into the Agreement?

 

f) If the document was registered on part payment, the reason why this was done because normally registration is done only on full payment.

 

g) Whether the Committee appointed by the Council to investigate into the matter has submitted its Report and if submitted what are the findings of the Report?

 

h) Whether the Institute desires to go ahead with the deal and at what cost?

 

I also understand from an “open letter” which has been received by me that the Committee for Members & Industries organized a meeting for Members & Industries at the Trident Hotel, Bandra, Bombay, where Free Dinner was served to all attendees at the cost of the Institute. If so, whether the expenditure on such a Dinner was authorized by the Executive Committee? I also understand that a free dinner was held at a Hotel Arora, Pune. Did the “budget “approved by the Council provided for “Free Dinners” and whether the expenditure on free Dinners was authorized by the Executive Committee?

 

I am sorry to raise the above questions. I am constrained to do so because the fair name of our dear Institute is involved. Like every member of the Institute, I am also keen to see that the resources of the Institute are not ‘wasted’ in any manner but are used only productively. In old days, no ‘free’ dinners were ever served either to Council members or to the members at the cost of the Institute.

 

I am endorsing copies of this e-mail to the President, the Vice President, some Past Presidents and some members of the Council, with a request that if they think proper, they may please share with me their views on this matter which has given considerable adverse publicity to our dear Institute.

 

With regards and best wishes,

 

Sincerely,

 
V B HARIBHAKTI
Chairman & Senior Partner
Haribhakti & Co. Chartered Accountants
42, Free Press House, Nariman Point,
Mumbai 400021, INDIA
Phone: +91 22 2287 1806 / +91 22 6132 6999
Fax: +91 22 2285 6237
Email:vishnu.h...@bdoindia.co.in
Web: www.bdoindia.co.in

 

--
With Warm Regards,

CA. Vikas Garud
M.Com.,LL.B.(G),Grad.C.W.A.,F.C.A.
Chartered Accountant
Abhishikta, Vise Mala, Off. College Road, Nashik 422005
Tel -0253-2316384/2579084 Fax 2316412 : Mob. 9823118834

alternate id : ca.vik...@gmail.com


HAVE A NICE DAY!!!!!!!!!