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

In terms of the provisions of Section 21A3 of the Chartered Accountants Act,

Issued by The Institute of Chartered Accountants of India · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The gazette notification announces disciplinary action taken against Chartered Accountant (CA) Avadhoot Ramesh Asaikar (Membership No. 102887) by the Institute of Chartered Accountants of India (ICAI).
  • The disciplinary action includes the removal of CA. Asaikar's name from the Register of Members for a period of one month, effective from April 16, 2024, and a fine of Rs. 50,000.

Key Changes

  • CA. Avadhoot Ramesh Asaikar has been found guilty of 'Other Misconduct' as defined under Item (2) of Part IV of the First Schedule to the Chartered Accountants Act, 1949 read with Section 22 of the said Act.
  • As a result, CA. Asaikar's membership with ICAI is suspended for one month, starting April 16, 2024.
  • A fine of Rs. 50,000 has been imposed on CA. Asaikar.
  • The action is taken under Section 21A(3) of the Chartered Accountants Act, 1949, read with Rule 14(9) of the Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007.

Impact Analysis

Impact on CA. Avadhoot Ramesh Asaikar

  • Reputational damage due to the publicized disciplinary action.

Impact on Clients of CA. Avadhoot Ramesh Asaikar

  • Clients may need to seek alternative arrangements for accounting and auditing services during the suspension period.

Impact on ICAI

  • Public notification of disciplinary actions enhances transparency and accountability within the profession.

Suggested Action Items

  • ICAI should ensure that the suspension is effectively enforced and that CA. Asaikar's name is removed from the Register of Members for the stipulated period.

Key Entities Referenced

ICAI (The Institute of Chartered Accountants of India): The regulatory body for Chartered Accountants in India, established by an Act of Parliament. CA. Avadhoot Ramesh Asaikar: Chartered Accountant, member number 102887, who is subject to disciplinary action. Chartered Accountants Act, 1949: The primary legislation governing the profession of Chartered Accountancy in India. Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007: Rules outlining the procedures for investigating misconduct by Chartered Accountants. Chartered Accountants Regulations, 1988: Regulations framed by ICAI to govern the conduct of its members.
Official Source Record View Original Source →
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-18042024-253746 xxxGIDHxxx CG-DL-E-18042024-253746 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 264] नई ददल्ली, मगं लवार, अप्रैल 16, 2024/चत्रै 27, 1946 No. 264] NEW DELHI, TUESDAY, APRIL 16, 2024/CHAITRA 27, 1946 भारतीय सनदी लखे ाकार सस्ट्ं थान, नई ददल्ल ी (ससं दीय अजधजनयम द्वारा स्ट्थाजित) अजधसचू ना नई ददल्ली, 16 अप्रलै , 2024 (चार्टडट अकाउंर्ेंट्स) स.ं िीआर/221/2020/डीडी/230/2020/बीओडी/660/2022.—चार्टडट अकाउंर्ेंर् (वृज‍ तक और अन् य कदाचार के अन् वेषणों और मामलों के संचालन की प्रदिया) जनयम, 2007 के जनयम 14 के उिजनयम (9) के साथ िठित, चार्टड ट अकाउंर्ेंर् अजधजनयम, 1949 की धारा 21क(3) के उिबंधों के जनबंधनानुसार, अनुिासन बोड ट न े सीए. अवधतू रमिे असइकर (सदस्ट्यता स.ं 102887), 65/20 प्रथम तल, कृतािं जल, िागं रीला रेस्ट्तरा ं लने , लॉ कॉलिे रोड, िणु े (महाराष्ट्र) 411004, को उक्त अजधजनयम की धारा 22 के साथ िठित चार्टडट अकाउंर्ेंर् अजधजनयम, 1949 की िहली अनुसूची के भाग IV की मद (2) के अथाटन्त गतट ‘अन्य कदाचार’ का दोषी िाया ह ै और उसके िठरणामस्ट्वरूि अनुिासन सजमजत न े िूवोक्त जनयमों के जनयम 15(1) के जनबंधनानुसार सुनवाई का अवसर प्रदान करने के िश्चात्, सीए. अवधतू रमिे असइकर (सदस्ट्यता स.ं 102887) के नाम को 01 (एक) मास की अवजध के जलए सदस्ट्यों के रजिस्ट्र्र स े हर्ाने का आदेि ददया ह ैऔर साथ ही 50,000/- रुिय े (केवल िचास हिार रुिए) का िमु ाटना भी अजधरोजित दकया । इसके अनुसरण म ें और िूवोक्त अजधजनयम की धारा 20 की उिधारा (2) द्वारा प्रदत्त िजक्तयों का प्रयोग करते हुए, चार्टडट अकाउंर्ेंर् जवजनयम, 1988 के जवजनयम 18 के अधीन यह अजधसूजचत दकया िाता ह ै दक सीए. अवधतू रमिे असइकर (सदस्ट्यता स.ं 102887) का नाम 16 अप्रलै , 2024 स े 01 (एक) मास की अवजध के जलए सदस्ट्यों के रजिस्ट्र्र स ेहर् िाएगा । सीए. (डा.) िय कुमार बत्रा, सजचव [जवज्ञािन-III/4/असा./033/2024-25] 2595 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA, NEW DELHI (Set up by an Act of Parliament) NOTIFICATION New Delhi, the 16th April, 2024 (CHARTERED ACCOUNTANTS) No. PR/221/2020/DD/230/2020/BOD/660/2022.—In terms of the provisions of Section 21A(3) of the Chartered Accountants Act, 1949 read with sub-rule (9) of Rule 14 of the Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007, the Board of Discipline has held CA. Avadhoot Ramesh Asaikar (M. No. 102887), 65/20 1st Floor, Krutanjali, Shangrilla Restaurant Lane, Law College Road, PUNE(Maharashtra) 411004, guilty of ‘Other Misconduct’ falling within the meaning of Item (2) of Part IV of the First Schedule to the Chartered Accountants Act, 1949 read with Section 22 of the said Act and consequently after affording an opportunity of being heard in terms of Rule 15(1) of the aforesaid Rules ordered for removal of the name of CA. Avadhoot Ramesh Asaikar (M. No. 102887) from the Register of Members for a period of 01(One) month and also imposed a Fine of Rs. 50,000/- (Rupees Fifty Thousand) 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. Avadhoot Ramesh Asaikar (M. No. 102887) shall stand removed from the Register of Members for a period of 01(One) month with effect from 16th April, 2024. CA. (Dr.) JAI KUMAR BATRA, Secy. [ADVT.-III/4/Exty./033/2024-25] 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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