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Council of the Institute of Chartered Accountants of India Versus Gurvinder Singh & Anr.

2016 (8) TMI 825 - DELHI HIGH COURT

Professional misconduct - removal of respondent No.1’s name from the Register of Members for a period of six months - whether respondent No.1 was discharging functions as a Chartered Accountant when he sold the shares? - Held that:- Member of the Institute would be deemed to be in practice when, for remuneration received or to be received the person performs the acts enumerated in the four clauses hereinabove noted. Section 30 of the Act confers power on the Central Government to make regulation .....

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NDRAJOG & MS. PRATIBHA RANI JJ. Relator Represented by: Mr. Rakesh Aggarwal, Advocate with Mr. Pulkit Agarwal, Advocate Respondents Represented by: None. PRADEEP NANDRAJOG, J. (ORAL) 1. This is a reference under Section 21(5) of the Chartered Accountants Act, 1949. The penalty proposed is removal of respondent No.1 s name from the Register of Members for a period of six months. 2. The complainant Mohit Gupta claimed that respondent No.1, a Chartered Accountant by profession, sold 100 shares .....

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d any shares to the complainant but settled the dispute with the complainant by agreeing that the owner of the shares would be the complainant. 3. The view taken by the Disciplinary Committee is that the conduct of respondent No.1 evinces that he sold the shares to the complainant and since he continued to receive dividends declared by the company which obviously was because the complainant did not lodge the shares for transfer of shares in his name for five years he thought that he could cheat .....

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plinary control by the Council. 5. Learned counsel states that harmoniously read, Section 21 and 22 of the Chartered Accountants Act, 1949 would make liable the offending act of respondent No.1 as an actionable misconduct. 6. Section 21 of the Act prescribes the procedure to be followed when a complaint concerning misconduct of a member of an Institute is received. Section 22 defines misconduct. It reads as under:- 22. Professional misconduct defined For the purpose of this Act, the expression p .....

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edule would make it clear that the professional misconducts enumerated therein are inclusive i.e. the ones enumerated in the Schedule would be deemed to be professional misconducts. Sub-Section (1) of Section 21 reads as under:- (1) Where on receipt of information by, or for a complaint made to the Council is prima facie of opinion that any member of the Institute has been guilty of any professional or other misconduct, the Council shall refer the case to the Disciplinary Committee, and the Disc .....

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of conduct? 9. It would thus be necessary to examine the scheme of the material provisions of the Act. The Act came into force in 1949 and it was passed because the Legislature thought it expedient to make provision for the regulation of professional accountants and for that purpose it established the Institute of Chartered Accountants. 10. Section 2, Sub-Section (1)(b) defines a Chartered Accountant as meaning a person who is a member of the Institute and who is in practice . Sub-Section (2) o .....

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ecords, or the preparation, verification or certification of financial accounting and related statements or holds himself out to the public as an accountant; or (iii) renders professional services or assistance in or about matters of principle or detail relating to accounting procedure or the recording, presentation or certification of financial facts or data; or (iv) renders such other services as, in the opinion of the Council, are or may be rendered by a chartered accountant and the words to .....

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