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IN THE HIGH COURT OF JUDICATURE AT MADRAS
M.Dhandapani, J
M.K.Ananthanarayanan – Appellant
Versus
The Institute Of Chartered Accountants Of India – Respondent
| Table of Content |
|---|
| 1. background of audit allegations and investigation delays (Para 2 , 3) |
| 2. reliance on prior judgment for delay (Para 4) |
| 3. court extracts precedent on inordinate delay prejudice (Para 5 , 6) |
| 4. quashing proceedings due to unfair delay (Para 7) |
ORDER
The present Writ Petition has been filed challenging the decision of the Disciplinary Committee to proceed further against the petitioner by initiating Disciplinary Proceedings in connection with the alleged professional misconduct.
2. The petitioner is a Senior Citizen aged about 72 years and a retired Chartered Accountant who has been leading a retired life since 2017. He was formerly a partner in a reputed audit firm namely M/s.Deloitte Haskins & Sells (“DHS”) and had served as a statutory auditor of Subhiksha Trading Services Limited (“STSL”) for the period from 2002-03 to 2006-07. It is the specific case of the petitioner that, during the said period, he neither conducted audit of the said Company nor was he associated with STSL in any other capacity. However, an order came to be passed by the Ministry of Corporate Affairs (MCA”) on 23.07.2010 directing an investigation into the affairs of the STSL which was subsequent
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