JUDGMENT/ORDER

NEELA GOKHALE, J. - This is a reference made by Petitioner-The Institute of Chartered Accountants of India under the provisions of Sec. 21(v) of the Chartered Accountants Act, 1949 (pre-amended as applicable to the present case) against Respondent, viz., the Chartered Accountant concerned. The Institute received a complaint dtd. 28/7/2006 from the Superintendent of Police, CBI, Bank Securities and Fraud Cell, Mumbai ("Complainant") informing the Institute that Respondent had assisted various companies in availing credit facilities of huge amounts from various banks by issuing false documents certifying valuation of work undertaken and completed by the accused companies. Complainant also alleged that Respondent had also certified the sales registers and list of supply bills of the accused companies without verifying facts and figures to facilitate loans being sanctioned to the said companies.

2. The Institute called upon Respondent to send his response and by a written statement dtd. 9/7/2007, Respondent defended himself by referring to the complaint as frivolous, without offering any documentary evidence and even went on to refer to the complaint as being premature on