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Naveen Gupta, President, CA Institute, has constituted a nine-member High Power Group to study the systemic issues at debt-laden IL&FS Group.
This High Power Group will have Shivaji B Zaware as its convenor, and comprise, among others, two past presidents of the CA Institute – Ved Jain and Nilesh S Vikamsey.
It will also suggest remedial measures and improvement in the system. It may be recalled that the CA Institute had last week shot off notices to the statutory auditors of IL&FS Group on the heels of the government superseding the board of the infrastructure company to bring in a new board.
Following the ₹13,000-crore Nirav Modi-scam at Punjab National Bank, the CA Institute had set up a High Power Group; Zaware was the convenor of that group, too.
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