$~11 * IN THE HIGH COURT OF DELHI AT NEW DELHI % Date of decision: 14.01.2026 + CHAT.A.REF 1/2018 COUNCIL OF THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA .....Petitioner Through: Ms. Pooja M. Saigal, Sr. Advocate with Ms. Ananya Choudhary and Mr.

Ankit Mittal, Advocates.

versus SHRI S.N. SHIVAKUMAR .....Respondent Through: None.

CORAM:

HON'BLE MR. JUSTICE DINESH MEHTA HON'BLE MR. JUSTICE VINOD KUMAR

J U D G M E N T

DINESH MEHTA, J. (ORAL

1. The present reference has been preferred under Section 21(5) of the Chartered Accountants Act, 1949 (hereinafter referred to as ‘Act of 1949’) seeking confirmation of the punishment that has been imposed upon the respondent-a chartered accountant to the effect of removal of his name from the register of members of the Council of the Institute of Chartered Accountants of India (hereinafter referred to as ‘the Institute’) for a period of three months.

2. The facts giving rise to this reference are, that the Reserve Bank of India (hereafter referred to as ‘RBI’), sent a communication dated 20.10.2006 informing the Institute that the audit report as furnished by Escorts Finance Limited (hereafter referred to as ‘Company’) through its statutory auditors