The Institute of Chartered Accountants of India (ICAI), removed the membership of Two Chartered Accountants on grounds of professional misconduct. The ICAI removed the memberships of CA. Subodh Kumar Maheshwari for a period of 01(one) year and also imposed a fine of Rs. 1,00,000 (Rupees One Lakhs) and CA. Basudeb Mukhopadhyay for a period of 4 years.
By virtue of the provisions of Section 21B(3) of the Chartered Accountants Act, 1949 read with Rule 18(17) of the Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007, the Disciplinary Committee of the ICAI held that CA. Subodh Kumar Maheshwari was guilty of Professional and Other Misconduct.
The Disciplinary Committee of ICAI noted that the Chartered Accountant was guilty of professional misconduct falling within the meaning of Item (4) of Part II of Second Schedule and Item (2) of Part IV of the First Schedule to the aforesaid Act.
Consequently after affording an opportunity of being heard in terms of Rule 19(1) of the Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, ordered for the removal of name of CA. Subodh Kumar Maheshwari from the Register of Members for a period of 01(one) year and also imposed a fine of Rs. 1,00,000 (Rupees One Lakhs) only.
In terms of the provisions of Section 21B(3) of the Chartered Accountants Act, 1949 read with Rule 18(17) of the Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007, the Disciplinary Committee held that CA. Basudeb Mukhopadhyay, guilty of Professional Misconduct falling within the meaning of Clauses (7), (8) and (9) of Part I of Second Schedule to the Chartered Accountants Act.
Consequently, after affording an opportunity of being heard in terms of Rule 19(1) of the Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, ordered for removal of the name of CA. Basudeb Mukhopadhyay from the Register of Members for a period of 04(Four) years.
Thereafter, aggrieved by the Order of the Disciplinary Committee, the Respondent approached the Appellate Authority in terms of Section 22G of the Chartered Accountants Act, 1949 and the Appellate Authority has upheld the order of the Disciplinary Committee.
In pursuance of order of the Disciplinary Committee which is also upheld by the Appellate Authority and in exercise of the powers conferred by sub-section (2) of Section 20 of the Chartered Accountants Act, it was notified under Regulation 18 of the Chartered Accountants Regulations 1988, that CA. Basudeb Mukhopadhyay, shall stand removed from the Register of Members for a period of 04(Four) years with effect from 16th June, 2023.
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