( 1 ) THIS is a reference under section 21 (5) of the chartered Accountants Act, 1949 (hereinafter referred to as the Act) at the instance of the Council of the Institute of Chartered Accountants of India ("institute") thereby praying for approval of the recommendation of removal of the respondent from the role of Chartered Accountants for three months on the ground of misconduct of the respondent.

( 2 ) THE facts giving rise to filing of this reference application may be summed up thus: (a) On 5th May, 2000 the Institute received a complaint from the Bank of baroda against the respondent alleging that the respondent had misappropriated the fund of one of his clients, namely, Shankarlal saha through fraudulently opening a joint account in Bank of Baroda. (b) On 11th January, 2001 the complaint was forwarded to the respondent under Regulation 12 (6) of the Chartered Accountant Regulations with a request to send his written statement within 14 days. No written statement having been filed, on 18th February, 2001 a reminder was given to the respondent for filing written statement. (c) Since no written statement was filed under the Regulation 12 (11) of the Ch