Back
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
A.S. SUPEHIA, PRANAV TRIVEDI
Council Of Institute Of Chartered Accountants Of India – Appellant
Versus
S.N. Valera, Fca M/S. S.N. Valera & Co. – Respondent
JUDGMENT :
A.S. SUPEHIA, J.
1. Present reference under section 21(5)of the Chartered Accountants Act, 1949 (for short “the Act”) in respect of the respondent viz. Shri S.N.Valera, Chartered Accountant, has been made by the Council of Institute of Chartered Accountants of India(herein after referred as Council).
BRIEF FACTS
2. The respondent was empaneled by the Central Registrar of the Madhavpura Mercantile Cooperative Bank Ltd., Ahmedabad (for short “the Bank”), which is registered under the Multi State Cooperative Societies Act, 1984. There was a huge scam, which is well known as MMCB scam in the year 2001. The Registrar of Cooperative Societies, Gujarat State upon instructions from the Central Registrar had allotted re-audit of the bank for the year 1999-2000. During the re- audit, it was found that the respondent had not disclosed and reported serious irregularities in the accounts of the Bank and he failed to disclose the material misstatements known to him in the financial statement. It was alleged that the respondent failed to report material misstatements known to him to appear in the financial statements of the Bank, with which he is concerned in his professional capacity, and
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....
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 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 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 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 disciplinary action against a Chartered Accountant for misconduct, emphasizing the need for integrity and professional standards in the profession.
A Disciplinary Committee under Section 220 of the Insolvency and Bankruptcy Code can be constituted with a single whole-time member without violating statutory provisions.
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 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....
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
