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TMI Blog2017 (2) TMI 745X X X X Extracts X X X X X X X X Extracts X X X X ..... ef. 2. If we affirm the findings returned by the Disciplinary Committee constituted by the Institute of Chartered Accountants which has been accepted by the Council, the charge proved would be that of a misconduct. 3. A complaint was received from the Punjab National Bank alleging that the respondent : a practicing Chartered Accountant, had incorporated three companies and a trust, with he being the founder director/president and had opened accounts in the name of the companies and the trust with the complainant's branch at Agra. The three companies incorporated were : M/s.Seeroo Foods Pvt. Ltd., M/s.G.K.Consultant Ltd. and M/s.Jagrook Builders Pvt. Ltd. The trust set up was M/s.Nirogi Charitable and Medical Research Trust. It was further alleged that in connivance with the Branch Manager, funds were diverted to companies and firms in which the respondent was associated directly as a director or as a partner. The said entities were : M/s.Radha Raman Plastic Concern Ltd., M/s.Himalayan Production & Estate (P) Ltd., M/s.A.B.Metal Industries (P) Ltd., M/s.SAMD Cast (P) Ltd., M/s.Pratikar Finlease Pvt. Ltd., M/s.Subodh Gupta & Associates, M/s.Utkarsh International and M/s.Formex Form ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anies. 14. The Committee noted that and it is an admitted fact that the respondent was Director in several companies i.e. M/s.Seeroo Foods (p) Ltd., M/s.Nirogi Charitable & Medical Research Ltd., M/s.G.K.Consultant Ltd. etc. However, the respondent have taken permission from the Institute to be a Director only in one Company i.e. M/s. G.K. Consultant Ltd. 15. The respondent submitted that he was honorary Director in all the Companies and for that no specific permission was required from the Institute. But the Committee is not convinced with the contention of the respondent as the respondent was actively involved in the day to day operation of the Companies as he was involved in signing the balance Sheets of the various Companies in the capacity of a Director, operating the Bank account9s) signing the Loan application/documents etc. The Complainant has submitted the copies of resolution of the Companies, authorizing the respondent to operate the Bank accounts, Copies of the Memorandum & Article of Association of various Companies in which the respondent was shown as a promoter of the Companies. Further, the respondent was actively involved in the Company's activities relating to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ank, Kamla Nagar Branch, Agra. Further, it was mentioned that Mr.Deepak Kumar Nayyar, Manager, Punjab National Bank had abused his position as Branch Manager by conspiring with the respondent to cause wrongful loss to the Bank and wrongful gain to themselves by fraudulent means and in furtherance of the said conspiracy, the said Branch Manager debited a sum of Rs. 85,12,750/- to a non-existence OD account of the Society on 27th April, 1998 and got issued 11 demand drafts for a total sum of Rs. 85 lacs drawn on CDPC, New Delhi favouring various beneficiaries of Delhi on the basis of draft application forms submitted by the respondent. 21. The Committee also observed that it was alleged in the charge-sheet that M/s.Seeroo Foods Pvt. Ltd. represented by the respondent as its Director was having an Anupam Fixed Deposit Account No.489 and corresponding OD account which was operated by the respondent himself. On 16th December, 1997 while the Anupam Account was showing a credit balance of Rs. 2,25,98,910/-, Mr.Nayyar fraudulent made an excess credit of Rs. 7,11,715/- as interest on 19.9.97. The said Manager further two fake credits for Rs. 5,24,96,50/- on 13.11.97 and Rs. 80,50,000/- on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the respondent urged that the respondent was an honorary director in the three companies : M/s.Seeroo Foods Pvt. Ltd., M/s.G.K.Consultant Ltd. and M/s.Jagrook Builders Pvt. Ltd. and associated in an honorary capacity with the trust : M/s.Nirogi Charitable and Medical Research Trust. As per learned counsel similar was the respondents association with the companies and firms to which the funds were allegedly transferred. 11. There is evidence on record that the respondent was operating the bank accounts of the three companies. There is evidence on record that the respondent was signing the balance sheet of various companies in the capacity as a director and was also operating the bank accounts and signing various applications submitted to the bank. Memorandum and article of associations of various companies show the respondent to be the promoter of the companies. There is also evidence that the respondent had signed as the introducer when accounts of other companies were opened and significantly the address of these other companies was the same from where the respondent carried on his profession as a Chartered Accountant. We shall be noting, in some detail, one such act of the re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tag the name of Mrs.Jasbeer Kaur Sahni, wife of Surinderpal Singh and that of Tajinder Singh Sahni. The actual beneficiaries ought to have been Tajinder Singh and Jasbeer Kaur. A document was then introduced in the record, allegedly pointing out aforesaid anomaly and the result was five FDRs being issued in the correct names. The two sets of FDRs in the joint name of Tajinder Singh and Jasbeer Kaur, which were required to be cancelled outright, were not cancelled. Who did what would not be relevant for the purposes of the present proceedings, but relevant would be the fact that this siphoned-off funds was used for making 11 demand drafts, 9 out of which in sum of Rs. 81 lacs were deposited in Current Account No.130 maintained by Indian Overseas Bank, Preet Vihar in the name of M/s S.A.Casting Industries Pvt.Ltd. The respondent was the person who introduced the account holder. The address of M/s S.A.Casting Industries Pvt.Ltd. is the same as that of M/s Seeroo Foods Pvt.Ltd., which account with Indian Overseas Bank, being Current Account No.117, was operated by the respondent. Aforesaid shows respondent actively participating in businesses, which as a practicing Chartered Accountant ..... X X X X Extracts X X X X X X X X Extracts X X X X
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