India, Oct. 17 -- The Industry and Trade body ASSOCHAM (The Associated Chambers of Commerce and Industry of India) is facing a series of credibility crises and allegations of financial misappropriations, as it is facing an Annual General Meeting on Friday to select new management.

The current leadership, headed by President Sanjay Nayyar and Secretary General Manish Singhal, has drawn notice from the Ministry of Commerce for serious issues related to the misuse of Government funds. The Assocham's administration for the past two decades under three Secretary Generals' were problematic, leading to allegations, say many staffers and members.

Already, 700 members have left the organisation, and more than 50 staffers have left the organisati...