After the Karnataka High Court Order, the Institute of Chartered Accountants of India ( ICAI ) has removed the name of a Chartered Accountant who is found guilty of Cash Embezzlement & Fraud.
The Notification issued by ICAI has said that, “In exercise of the powers conferred by sub-section (2) of Section 20 of The Chartered Accountants Act, 1949 read with Regulation 18 of the Chartered Accountants Regulations, 1988, it is hereby notified by the Council of the Institute of Chartered Accountants of India that the Hon’ble High Court for the State of Karnataka has, in pursuance of Section 21(6)(C) of the said Act, the name of Shri P.P. Joy, Chartered Accountant to be removed from the Register of Members for a period of one month after finding him guilty of “Other Misconduct” falling within the meaning of Section 22 read with Section 21 of the Chartered Accountants Act, 1949.
The Notification also said that, Accordingly, “it is hereby informed that the name of the said Shri P.P. Joy shall stand removed from the Register of Members for a period of one month from the date of publication of this Notification in Gazette of India. During this period, he shall not practice as a Chartered Accountant in terms of the said Order of the Hon’ble High Court of Karnataka at Bengaluru”.
Karnataka High Court Verdict
In a Karnataka High Court verdict in the Case The Institute of Chartered Accountants of India vs Shri P.P Joy, the Karnataka High Court has directed the ICAI to remove the Chartered Accountant guilty of Professional Misconduct.
The division bench comprising of Justice Alok Aradhe and Justice M.G.S Kamal has observed that, “the penalty recommended to be imposed by the Institute to remove the respondent from the register of members for a period of one month is just and proper as he is proved to be guilty of other misconduct within the meaning of Section 22 read with Section 21 of the Act. The Court has directed the counsel to implement the order within a period of two months from the date of receipt of the copy of this order”.
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