ICAI Notifies Removal of CA who taken Delivery of Clients’ Shares on the Strength of Fake Letter [Read Notification]

The Institute of Chartered Accountants of India (ICAI) removed a Chartered Accountant ( CA ) from its rolls by finding him guilty of professional misconduct for taking delivery of shares on behalf of a Company on the strength of bogus Letter.

The Notification issued on Friday said that “the name of Shri O.P. Tulsyan stands removed from the Register of Members for a period of five years w.e.f. 20.02.2018. During the aforesaid period he shall not practise as a Chartered Accountant in terms of the said order of the Hon’ble High Court of Allahabad.”

The Allahabad High Court, in its order dated 28th September 2016, had confirmed the decision of the Disciplinary Committee wherein the Charted Accountant was found guilty of professional misconduct falling within the meaning of section 22 read with section 21 of the Chartered Accountants Act and was decided to suspend him for one year from the register of ICAI.

While delivering the judgment, Justices Sudhir Agarwal and Justice Kaushik Jayendra Thaker opined that the respondent-CA must be permanently removed from the rolls of ICAI. However, considering his age, the Court recommended the Institute to suspend him for a period of five year.

The bench, while concluding, added that “A Chartered Accountant has a pious duty, having fiduciary relation with his client. He indulged in financial transactions in respect whereto people have great faith in him. In the present case, Respondent had not only cheated Complainants but has also played an active role in defrauding with the huge money of more than four crores of Complainants and benefited himself in a wholly illegal manner. It is a very serious thing. In our view, such persons should not be allowed to remain on the Roll of ICAI by serving punishment for a limited period. They may again have opportunity to cheat the people after serving the sentence. Here is a Chartered Accountant, that too, a senior Chartered Accountant who was a Fellow Member and hence it deserved to be treated more sincerely and very strictly.”