The latest litigation to hit the YSR Congress Party MP to the Rajya Sabha comes in the name of Vijay Sai Reddy. The Institute of Chartered Accountants of India continues on its course towards disciplining him over charges of professional misconduct concerning audit discrepancies in the illegal asset cases concerning Andhra Pradesh Chief Minister Y. S. Jagan Mohan Reddy. Earlier, he had approached the Telangana High Court and had temporarily succeeded in having the proceedings put on a backburner by way of a favorable order from a single bench. But the plea has already been filed before the appeal bench challenging it.
ICAI has claimed that Sai Reddy fudged asset valuations to benefit Jagan Mohan Reddy and set up a committee to probe the matter. Last October, Sai Reddy was summoned before this committee, but he objected to the notice given. So, on July 30 of this year, this move had to be annulled by the Telangana High Court. In reply, ICAI claims that it was in the discretion of the Madras High Court since the offences were committed within the city of Chennai itself where the ICAI office is found.
While the investigation is still under way, ICAI clarified that no disciplinary action has been taken against Sai Reddy till date because the inquiry is just at its preliminary stage. The institute has also criticized the move of bypassing the appellate authority by making a direct approach to the High Court. The case is likely to be admitted by the Telangana High Court in a couple of days.
