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RAVINDER DUDEJA, YASHWANT VARMA
Council Of The Institute Of Chartered Accountants Of India – Appellant
Versus
Gurvinder Singh – Respondent
JUDGMENT :
(Ravinder Dudeja, J.)
PROLOGUE
1. This is a Reference under Section 21 (5) of the Chartered Accountants Act, 1949 [ “Act”] as it was prior to its amendment in the year 2006 in respect of Sh. Gurvinder Singh, Chartered Accountant (hereinafter referred to as “the Respondent”), whereby, the Council of the Institute of Chartered Accountants of India (hereinafter referred to as “the Petitioner”) had proposed the removal of respondent’s name from the Register of Members for a period of six months vide order dated 14.12.2011.
FACTUAL BACKGROUND:
2. Brief facts, as enumerated from the reference are that complainant Sh. Mohit Gupta, vide his complaint dated 16.03.2005, leveled allegations against the respondent that he had sold 100 shares of Aban Loyd Chiles Offshore Ltd. to him in November 1999, but the Transfer Deed for the transfer of shares was lodged only on 04.11.2004. In the interregnum, respondent continued to receive dividends and in July 2004, obtained duplicate shares in his name by misrepresenting and filing Indemnity Bond and Affidavit that the original Shares Certificates were lost.
3. The Council in its meeting held on 7th to 9th August, 2008, was of the prima faci
The court upheld the disciplinary action against a Chartered Accountant for misconduct, emphasizing the need for integrity and professional standards in the profession.
The main legal point established is that the Court found the respondent guilty of professional and other misconduct under the Chartered Accountants Act and recommended reprimand as the appropriate pu....
Chartered Accountants must exercise due diligence and integrity in their professional duties, and failure to do so constitutes professional misconduct under the Chartered Accountants Act, 1949.
![Chartered Accountants Act, 1949 [Prior To Amendment Act, 2006] VS CA Shri Subhajit Sahoo - 2024 Supreme(Del) 850](https://supremetoday-s3.b-cdn.net/Delhi_3.png)
Professional misconduct under the Chartered Accountants Act includes gross negligence in duties, requiring due diligence in verification of financial documents.
The Council must independently assess findings from a Disciplinary Committee regarding professional misconduct, ensuring proper application of mind and consideration of all representations before mak....
The main legal point established in the judgment is that while the respondent was found guilty of professional misconduct, the court considered the respondent's long-standing membership and lack of p....
The central legal point established in the judgment is the power of the ICAI Council to enquire into misconduct of a member under the Chartered Accountants Act, 1949, and the definition of profession....
The final decision on the action against the petitioner is appealable to the Authority under Section 22G, and the court provided interim protection for the petitioner to approach the Appellate Author....
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