Judgment

GAJENDRAGADKAR, J. : The material facts leading to the present appeal are not in dispute and may be conveniently stated at the outset. On 17-7-1933, the respondent was enrolled as a registered accountant under the Auditors Certificate Rules, 1932. When the Chartered Accountants Act, 1949, came into operation, the respondent s name was entered as a Member of the Institute of Chartered Accountants of India on 1-7-1949. In 13-9-1950, the respondent was appointed a Liquidator of three companies. The respondent obtained refund of the sums and securities deposited on behalf of the three companies with the Reserve Bank of India. He, however, made no report about the progress of liquidation of the said three companies. Repeated requests made to him by the Assistant Controller of Insurance found no response. As Liquidator the respondent gave a cheque to Shri S. K. Mandal, Solicitor to the Central Government at Calcutta, towards payment of the taxes costs in the winding-up proceedings of one of the companies. The said cheque, was, however, returned dishonoured on the ground that the payment had not been arranged for. When the Assistant Controller of Insurance found that the conduct o