JUDGMENT

Pankaj Jain, J. - This is a reference at the behest of the Institute of Chartered Accountants (hereinafter referred to as 'institute') under Section 21(5) of the Chartered Accountants Act, 1949 (hereinafter referred to as 1949 Act') recommending that the name of respondent No.2 be removed from the register of members of the institute for a period of six months as a punishment on account of professional misconduct.

2. Respondent No.2 is a registered member of the petitioner- institute. A complaint was received in the prescribed Form 8 against him. Relevant portion of the complaint verified on 26.05.2006 by AGM, Indian Bank raising allegations against respondent No.2 reads as under:-

'(1) We are in receipt of two different B/s and P&L accounts alongwith Auditors Reports as on 31.3.04 in respect of our client M/s. Sitla Rice & General Mills Jagraon certified by respondent. The respondent is thus guilty of professional misconduct under Sections 21(5) and 22 Part I for following:

(a) Certified in the name of his firm a report is financial statements as on 31.3.04 without examination of such statements and related records (Clause 2 of above sections).

(b) is grossly negligent in the