JUDGMENT - DEVADHAR J.P., J.: - This reference is made under section 21(5) of the Chartered Accountants Act, 1949 ('Act' for short).

2.Mr. S.R. Khanna, the respondent herein, a Chartered Accountant, carrying on the practise of accountancy profession in the name and style of "S.R. Khanna Co." is a registered member of the Institution of Chartered Accountants of India ('the institute' for short). In view of the complaints made by the Director of Shree Industrial Rubber Works (P) Ltd. ('complainant' for short) against the respondent, the Council of Institute of the Chartered Accountants of India ('the Council' for short) had referred the said complaints to the Disciplinary Committee constituted under the Act for enquiry. The Disciplinary Committee on completion of the enquiry submitted its report to the Council holding that the respondent is guilty of professional misconduct set out in Clause 1 of Part I of the Second Schedule to the Act. The Council considered the report of the Disciplinary Committee and recorded its finding under section 21(3) of the Act that the respondent is guilty of professional misconduct. Thereafter, as per section 21(5) of the Act, the Council has forwarded

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