L & M band infrared studies of V4332 Sagittarii - detection of the water-ice absorption band at 3.05 microns and the CO fundamental band in emission

L and M band observations of the nova-like variable V4332 Sgr are presented. Two significant results are obtained viz. the unusual detection of water ice at 3.05 microns and the fundamental band of 12CO at 4.67 microns in emission. The ice feature is a first detection in a nova-like variable while the CO emission is rarely seen in novae. These results, when considered together with other existing data, imply that V4332 Sgr could be a young object surrounded by a circumstellar disc containing gas, dust and ice. The reason for a nova-like outburst to occur in such a system is unclear. But since planets are believed to form in such disks, it appears plausible that the enigmatic outburst of V4332 Sgr could be due to a planetary infall. We also give a more reliable estimate for an epoch of dust formation around V4332 Sgr which appears to have taken place rather late in 1999 - nearly five years after its outburst.