The Institute of Company Secretaries of India (ICSI) has postponed the appointment of a president, as the government nominees in its council have opposed the candidature of the current vice-president, Harish K Vaid.
Vaid, senior president (corporate affairs) and company secretary, Jaiprakash Associates, had been judged guilty by the Securities and Exchange Board of India (Sebi) in an insider trading case in 2012.
"People supporting Vaid have argued the Supreme Court had stayed the order but a reading of the SC order shows only the payment of penalty has been stayed. The court has said it will not go into the merits," said a company secretary familiar with the development.
On Sunday, when the president was to be elected, no agreement could be reached after an entire day of discussions. Following the stalemate, the institute has announced the present management will continue till the matter is resolved. Vaid told Business Standard, "The matter is still under consideration. It will not be appropriate for me to comment." M S Sahoo, secretary, ICSI, referred to a statement published on the institute's site on Monday: "The council, at its meeting on Sunday, requested S N Ananthasubramanian, president, and Vaid to continue to hold office till a president and a vice-president are elected and take charge of their duties."
