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Council of the Instt. Of Chartered Accountants of India Versus Rakesh Verma & Anr.

2016 (9) TMI 657 - DELHI HIGH COURT

Misconduct as per Section 21 and 22 of the Chartered Accountants Act - penalty of suspension of the name from the Register of Members - Held that:- The respondent is a Chartered Accountant. We fail to understand as to how come he proceeded to London and Norway if he had no documents with him concerning either Mr. Sanjay Aggarwal or M/s Sanvijay Rolling and Engineering Ltd., for obtaining funds. - As a Chartered Accountant he ought to know that a person would advance a credit to an individual .....

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Register of Members for a period of one year.The conduct of the respondent justifies the proposed penalty. - We answer the Reference in the affirmative holding that the respondent is guilty of misconduct and we impose the penalty of suspension of the name of the respondent No.1 Rakesh Verma from the Register of Members for a period of one year. - CHAT.A.REF. 5/2011 - Dated:- 8-8-2016 - MR. PRADEEP NANDRAJOG AND MS. PRATIBHA RANI JJ. Petitioner Represented by: Mr.Rakesh Agarwal, Advocate wit .....

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e of Chartered Accountants of India and have perused the record. 3. The respondent No.1 is a Member of the Institute of Chartered Accountants and is amenable to the disciplinary control as per the Chartered Accountants Act, 1949. 4. The report of the Committee would bring out that on November 17, 2002 a Memorandum of Understanding was arrived at, as per which the respondent offered his services as a Chartered Accountant to obtain funds and took ₹ 2.5 lacs as advance fee. The signatory to t .....

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aware that the funds which he had to obtain were for the benefit of M/s Sanvijay Rolling and Engineering Ltd., Nagpur. An inference with which we agree. 7. That apart, the respondent does not claim to have taken any steps to arrange for any funds for Mr. Sanjay Aggarwal. If his case was that he had to arrange funds for Mr.Sanjay Aggarwal he had to establish having taken steps to arrange the funds. 8. The stand taken by the respondent that since Mr. Sanjay Aggarwal failed to provide him with the .....

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