L and M band infrared studies of V4332 Sagittarii:: Detection of the water ice absorption band at 3.05 μm 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 mum and the fundamental band of (CO)-C-12 at 4.67 mum 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 disk 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 that appears to have taken place rather late in 1999 - nearly 5 years after its outburst.