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Date: 16-Apr-2024 Category: Extra Ordinary State: Union Government Country: India

In terms of the provisions of Section 21 B3 of the Chartered Accountants Act,

Issued by Institute of Cost Accountants of India · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The notification issued by the Institute of Chartered Accountants of India (ICAI) announces the removal of CA. Paragesh Kishor Joshi (Membership No. 131603) from the Register of Members for a period of six months, effective from April 16, 2024. This action follows disciplinary proceedings related to professional misconduct.

Key Changes

  • CA. Paragesh Kishor Joshi found guilty of professional misconduct under Clauses (5), (6), (7) and (8) of Part I of the Second Schedule to the Chartered Accountants Act, 1949.
  • Initially, the Disciplinary Committee ordered removal of CA. Joshi's name from the Register of Members for two years and imposed a fine of Rs. 1,00,000.
  • On appeal, the Appellate Authority reduced the removal period from two years to six months, while upholding the fine of Rs. 1,00,000.
  • The removal from the Register of Members is effective for six months starting April 16, 2024.

Impact Analysis

Impact on CA. Paragesh Kishor Joshi

  • Financial impact of the fine of Rs. 1,00,000.

Impact on ICAI

  • Demonstrating accountability and disciplinary action against misconduct.

Suggested Action Items

  • CA. Joshi to pay the fine of Rs. 1,00,000.

Key Entities Referenced

ICAI (Institute of Chartered Accountants of India): The governing body for the Chartered Accountancy profession in India, responsible for setting standards, conducting examinations, and enforcing ethical conduct. CA. Paragesh Kishor Joshi: Chartered Accountant, member of ICAI (Membership No. 131603), subject to disciplinary action. Chartered Accountants Act, 1949: The legislation that establishes and governs the ICAI and the Chartered Accountancy profession in India. Chartered Accountants Regulations, 1988: Regulations framed under the Chartered Accountants Act, 1949, providing detailed rules and procedures for the profession. Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007: Rules that govern the investigation and handling of cases related to professional misconduct by Chartered Accountants. Disciplinary Committee: A committee within ICAI responsible for investigating and adjudicating cases of professional misconduct. Appellate Authority: An authority to which appeals can be made against the decisions of the Disciplinary Committee.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-18042024-253740 xxxGIDHxxx CG-DL-E-18042024-253740 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 255] नई ददल्ली, मगं लवार, अप्रलै 16, 2024/चत्रै 27, 1946 No. 255] NEW DELHI, TUESEDAY, APRIL 16, 2024/CHAITRA 27, 1946 भारतीय सनदी लखे ाकार सस्ट्ं थान (ससं दीय अजधजनयम द्वारा स्ट्थाजित) अजधसचू ना नई ददल् ली, 16 अप्रलै , 2024 (चार्टडट अकाउंर्ेंट्स) स.ं िीआर/224/2015/डीडी/227/2015/डीसी/723/2017.—चार्टड ट अकाउंर्ेंर् (वृज‍ तक और अन् य कदाचार के अन् वेषणों और मामलों के सचं ालन की प्रदिया) जनयम, 2007 के जनयम 18(17) के साथ िठित, चार्टड ट अकाउंर्ेंर् अजधजनयम, 1949 की धारा 21ख(3) के उिबंधों के जनबंधनानुसार, अनिु ासन सजमजत न े सीए. िरागिे दकिोर िोिी (सदस्ट्यता स.ं 131603), भाग्यदा अदं कत रेिीडेंसी, फ्लर्ै न. 1, जवद्यानगर रोड न.ं 3, वणालट ी रोड, जवश्रामबाग, सागं ली(महाराष्ट्र) 416415, को िूवोक्त अजधजनयम की दसू री अनुसूची के भाग I के खडं (5), (6), (7) और (8) के अथाटन् तगटत वृजिक कदाचार का दोषी िाया ह ै और उसके िठरणामस्ट्वरूि िूवोक्त जनयमों के जनयम 19(1) के जनबंधनानुसार सुनवाई का अवसर प्रदान करन े के िश्चात्, सीए. िरागिे दकिोर िोिी (सदस्ट्यता स.ं 131603) के नाम को 02 (दो) वष ट की अवजध के जलए सदस्ट्यों के रजिस्ट्र्र स े हर्ाने का आदेि ददया ह ै और साथ ही 1,00,000/- रुिये (केवल एक लाख रुिए) का िुमाटना भी अजधरोजित दकया । अनिु ासन सजमजत के आदिे स े व्यजथत होकर, प्र‍यथी न े चार्टडट अकाउंर्ेंर् अजधजनयम, 1949 की धारा 22छ के जनबंधनानुसार अिीलीय प्राजधकरण के समक्ष अिील (सख्ं या 26/आईसीएआई/2021) फाइल की और अिीलीय प्राजधकरण न े अिने तारीख 13 नवंबर, 2023 के आदेि द्वारा 1,00,000/- रुिये (केवल एक लाख रुिए) के िुमाटना के साथ प्र‍यथी के नाम को हर्ाए िाने की अवजध को 02 (दो) वषट स े घर्ाकर 06 (छह) मास कर ददया । इसके अनुसरण में और िूवोक्त अजधजनयम की धारा 20 की उिधारा (2) द्वारा प्रदि िजक्तयों का प्रयोग करते हुए, चार्डट ट 2586 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] अकाउंर्ेंर् जवजनयम, 1988 के जवजनयम 18 के अधीन यह अजधसूजचत दकया िाता ह ै दक सीए. िरागिे दकिोर िोिी (सदस्ट्यता स.ं 131603) का नाम 16 अप्रलै , 2024 स े 06 (छह) मास की अवजध के जलए सदस्ट्यों के रजिस्ट्र्र स े हर् िाएगा । सीए. (डा.) िय कुमार बत्रा, सजचव [जवज्ञािन-III/4/असा./024/2024-25] THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA (Set up by an Act of Parliament) NOTIFICATION New Delhi, the 16th April, 2024 (CHARTERED ACCOUNTANTS) No. PR/224/2015/DD/227/2015/DC/723/2017.—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 has held CA. Paragesh Kishor Joshi (Membership No. 131603), Bhagyada Ankit Residency, Flat No. 1, Vidyanagar Road No. 3, Warnali Road, Vishrambag, SANGLI(Maharashtra) 416415, guilty of Professional Misconduct falling within the meaning of Clauses (5), (6) (7) and (8) of Part I of Second Schedule to the aforesaid Act and consequently after affording an opportunity of being heard in terms of Rule 19(1) of the aforesaid Rules, ordered for removal of name of CA. Paragesh Kishor Joshi (Membership No. 131603) from the Register of Members for a period of 02(Two) years and also imposed a fine of Rs. 1,00,000/-(Rupees One Lakh) only. Aggrieved by Order of the Committee, the Respondent preferred an Appeal (no. 26/ICAI/2021) before the Appellate Authority in terms of Section 22G of the Chartered Accountants Act, 1949 and the Appellate Authority by its order dated 13th November, 2023 reduced the period of removal of name of the Appellant from 2(Two) years to 06(Six) months alongwith a fine of Rs. 1,00,000/- (Rupees One Lakh) only. In pursuance thereof and in exercise of the powers conferred by sub- section (2) of Section 20 of the aforesaid Act, it is hereby notified under Regulation 18 of the Chartered Accountants Regulations, 1988 that the name of CA. Paragesh Kishor Joshi (Membership No. 131603), shall stand removed from the Register of Members for a period of 06(Six) months with effect from 16th April, 2024. CA.(Dr.) JAI KUMAR BATRA, Secy. [ADVT.-III/4/Exty./024/2024-25] Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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