Credibility Questions Linger as ASSOCHAM Transitions to New Leadership
The chamber 'however' has also announced new leadership appointments, including Nirmal K. Minda as Senior Vice-President and Amitabh Chaudhry as Vice-President which is subject to approval from the Reserve Bank of India.
New Delhi
ASSOCHAM, India’s long-established industry body, is facing serious questions about its credibility amid allegations of ethical and governance problems.
A letter, reportedly shared with senior government officials and signed by a former company secretary along with multiple members and employees, outlines concerns about leadership failures and misuse of power within the organization since around 2020.
The letter accessed by Top Story points to significant staff turnover, the withdrawal of many members, and alleged irregularities in government-funded programs like the Market Access Initiative (MAI). It claims that Secretary-General Manish Singhal was appointed without proper checks after the exit of former Secretary-General Deepak Sood in 2024.
Concerns have been raised about Singhal’s past issues with competence and management, and the letter accuses him of making inappropriate senior-level appointments. Additionally, it mentions a senior female staff member facing police complaints related to forgery and fraud involving MAI projects.
ASSOCHAM’s recent Annual General Meeting (AGM) notice reveals an extension of President Sanjay Nayar’s term for four months to ensure leadership continuity.
The chamber ‘however’ has also announced new leadership appointments, including Nirmal K. Minda as Senior Vice-President and Amitabh Chaudhry as Vice-President which is subject to approval from the Reserve Bank of India.
According to the allegations in the letter, around 700 corporate members have left ASSOCHAM over the last nine months, and 52 senior officers have resigned. Funding for the MAI scheme, worth an estimated ₹18-20 crore annually, has been frozen by the Ministry of Commerce and Industry due to concerns regarding the chamber’s handling of these funds.
The letter also claims a significant drop in ASSOCHAM’s income, reportedly ₹44 lakh, marking a first in its century-long history, though this has not been independently verified.
The AGM notice from October includes amendments to increase the powers of the Special Executive Committee (SEC) and adjust the terms for officeholders, leading to concerns that these changes may allow greater unchecked discretion for leadership while potentially enhancing oversight.
The signatories of the letter claim that many state chapter offices and national councils were shut down without proper justification, resulting in a substantial revenue loss that the chamber has not publicly acknowledged.
Despite these serious allegations, the official communication from ASSOCHAM focuses on its advocacy efforts and leadership changes without addressing the complaints.
Observers are now questioning whether the new leadership can rebuild trust among members and key stakeholders in light of these unfolding issues, particularly as the business climate increasingly values governance and institutional credibility.
One corporate member on anonymity said “the continuing mis-management is jeopardising livelihoods of nearly 100 employees and their dependent families. We therefore earnestly request immediate intervention by the leadership to investigate these matters, restore organisational integrity, and safeguard careers of those who continue to serve the chamber with commitment and honesty.”
