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VIBHU BAKHRU, SWARANA KANTA SHARMA
Chartered Accountants Act, 1949 [Prior To Amendment Act, 2006] – Appellant
Versus
CA Shri Subhajit Sahoo – Respondent
JUDGMENT :
SWARANA KANTA SHARMA, J.
1. This reference has been made under Section 21(5) of the Chartered Accountants Act, 1949 (prior to the Amendment Act, 2006) [hereafter “the Act?] by which the Council of Institute of Chartered Accountants of India [hereafter “the Council?] has forwarded the case to this Court after finding the respondent no. 1, Chartered Accountant (CA) Sh. Subhajit Sahoo, who is the member of Institute of Chartered Accountants of India [hereafter “ICAI”], guilty of professional misconduct falling within the meaning of clause (7) of Part-1 of Second Schedule to the Act, and has recommended the removal of his name from the Register of Members of the ICAI for a period of one year.
FACTUAL BACKGROUND
2. The present reference emanates from a complaint filed on 29.11.2005 by the Additional Development Commissioner (Handicrafts), Government of India, Ministry of Textiles, R.K. Puram, New Delhi [hereafter “the complainant?] against the respondent no. 1.
3. The complainant alleged that it had sanctioned a loan of Rs.11,18,000/- to one M/s Maokot Handloom & Handicrafts Cooperative Society Ltd., Churachandpur, Manipur [hereafter “the Society?]. It had also released a sum of R
Professional misconduct under the Chartered Accountants Act includes gross negligence in duties, requiring due diligence in verification of financial documents.
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.
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 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....
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....
A person who is sought to be removed due to a conviction of an offence involving ‘moral turpitude’ under Section 8(v) of Act. It is only when there are allegations of professional or other misconduct....
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....
The court upheld the validity of the Guidelines limiting tax audits by Chartered Accountants, finding them reasonable and in the public interest, thus not violating Article 19(1)(g) of the Constituti....
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