( 1 ) THIS is a Reference under Section 21 of the Chartered Accountants Act, made by the Institute of Chartered Accountants against an Accountant named Mr. H. C. Das who is a member of the firm of Accountants carrying on profession under the name and style of H. C. Das and Co. That firm acted as auditors of an Insurance Company, called the Bhagya Lakshmi Insurance Company from 1936 up to 1951. The enquiry against the Accountant concerns the audit made by him of the accounts of the Insurance Company on behalf of his firm and the statutory certificates he granted in that connection.

( 2 ) IT appears that the Central Government came to form the opinion that the administration of the Bhagya Lakshmi Insurance Company was not being carried out in a satisfactory manner and consequently by an order made on the 27th of December, 1952, under Section 52a of the Insurance Act, they appointed Mr. S. C. Roy, a person well known in the insurance world, to act as Administrator of the company. On assuming office, Mr. Roy had certain accounts of the company audited by a different firm of Auditors, namely, Mr. Mukherjee and Co. , who reported several irregularities. Mr. Roy brou