The Supreme Court on Monday asked the Institute of Chartered Accountants of India (ICAI) to start disciplinary proceedings against Mr Talluri Srinivas, an auditor allegedly involved in the Satyam fraud, only after October 3.
This is because by that date a Special Court – set up in Hyderabad for the trial in the matter – is likely to conclude its hearing.
The apex court, however, said that if Special Court fails to finish the trial by then, the ICAI can start its proceedings against Mr Srinivas as it cannot be stayed indefinitely. But the court added that the ICAI's dates for proceedings against Mr Srinivas should not clash with the trial.
Mr Srinivas had sought the apex court direction to stay the ICAI proceedings against him citing the ongoing trial of the Special Court in the same matter.
The Delhi High Court had earlier rejected Mr Srinivas' petition and asked ICAI to commence its proceedings against him as well as another auditor Mr S. Gopalakrishnan.
ICAI had earlier framed four auditors for professional misconduct in the case. Of them, Mr Srinivas is out on bail, while others – Mr Gopalakrishnan, Mr V Prabhakar Gupta and Mr V Srinivas -- are lodged in jail. The CBI had claimed that these auditors had helped falsify Satyam's accounts.