Did officials hurry through ICAI land deal?

NAGPUR: A former member of ICAI's central council has revealed more details highlighting irregularity in a Rs100 crore land deal in the city by Institute of Chartered Accountants of India (ICAI). An investigating committee is expected to submit its report soon on the matter.
The deal between ICAI and Luxora Infrastructure to buy land for a centre of excellence (CoE) here has put ICAI president Jaideep Shah under the scanner. The price paid to Luxora, which is building a township at Pipla on the city's outskirts, has raised eyebrows.
A recent mail circulated by a former ICAI council member says Shah gave the go-ahead for the deal even though a group had been set up to formulate policy on purchase of land and building.
The e-mail by the council member, a copy of which is in TOI's possession, says the committee on land purchase was formed on August 3, 2012, the same day ICAI entered into the deal with Luxora. The e-mail has been sent to the ICAI president, vice-president and other members of the central council, including the probe committee.
The central council is the governing body of ICAI. The former member of the council questioned the need of rushing ahead with the deal if the committee was yet to submit a report. "The Nagpur deal could have waited till then," the member told TOI.
Shah was not available for comment, however, sources in ICAI and in Luxora confirmed that the deal was struck sometime August last year.
A couple of members from the group formulating policy for land purchase could be contacted, but refused to comment on the issue.
At the same time, a member of the current investigation committee said it often happens that the president forms several committees. Not many are aware of such developments, however, the investigation committee will certainly consider all inputs coming from various sources.
The investigation committee is expected to hold a meeting in next 2-3 days after which the report would be finalized. However, there are concerns over a quick resolution, because the six-member committee comprises of central council members, and two of them will not get a fresh term as they have lost the elections. They will continue in office only till February 11, after which a new committee will take over.
The team has to submit a report before the 32-member central council, which will take the final decision. One of the members admitted that it is indeed a race against time, as the council will have to decide on the investigation committee's recommendations before February 11, when a new council takes charge.