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Date: 28-Jun-2024 Category: Extra Ordinary State: Union Government Country: India

In terms of the provisions of Section 21B 3 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 notification announces the removal of CA. V Nagarajan (Membership No. 024450) from the Register of Members of the Institute of Chartered Accountants of India (ICAI) for a period of three months, effective from June 28, 2024. This action follows a disciplinary process and an appeal.

Key Changes

  • CA. V Nagarajan was found guilty of professional misconduct under Clause (7) of Part I of the Second Schedule to the Chartered Accountants Act, 1949.
  • The Disciplinary Committee initially ordered the removal of CA. V Nagarajan's name from the Register of Members for two years.
  • CA. V Nagarajan filed an appeal, and the Appellate Authority reduced the removal period from two years to three months via an order dated October 11, 2023.
  • The notification is issued in pursuance of the Appellate Authority's order and in exercise of powers conferred by sub-section (2) of Section 20 of the Chartered Accountants Act, 1949.

Impact Analysis

Impact on CA. V Nagarajan

  • He will need to ensure compliance with the order to avoid further penalties.

Impact on ICAI

  • ICAI must ensure that all members are aware of this notification and its implications.

Impact on Clients/Public

  • The public is assured that ICAI is taking action against professional misconduct, thereby maintaining trust in the profession.

Suggested Action Items for ICAI

  • Review internal processes to prevent similar instances of professional misconduct.

Key Entities Referenced

ICAI (The Institute of Chartered Accountants of India): A statutory body established by an Act of Parliament to regulate the profession of Chartered Accountancy in India. CA. V Nagarajan: A Chartered Accountant (Membership No. 024450) who has been found guilty of professional misconduct. Disciplinary Committee: A committee within ICAI responsible for investigating and adjudicating cases of professional misconduct. Appellate Authority: An authority to which members of ICAI can appeal against the decisions of the Disciplinary Committee. Chartered Accountants Act, 1949: The primary legislation governing the profession of Chartered Accountancy in India. Chartered Accountants Regulations, 1988: Regulations framed under the Chartered Accountants Act, 1949, providing detailed rules for the functioning of ICAI and its members. Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007: Rules outlining the procedures for investigating professional misconduct by Chartered Accountants.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-29062024-255022 xxxGIDHxxx CG-DL-E-29062024-255022 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 456] नई ददल्ली, िुिवार, िनू 28, 2024/आषाढ 7, 1946 No. 456] NEW DELHI, FRIDAY, JUNE 28, 2024/ASHADHA 7, 1946 भारतीय सनदी लखे ाकार सस्ट्ं थान, नई ददल्ल ी (ससं दीय अजधजनयम द्वारा स्ट्थाजित) अजधसचू ना नई ददल् ली, 28 िून, 2024 (चार्टडट अकाउंर्ेंट्स) स.ं िीआर-229/2014/डीडी/307/2014/डीसी/716/2017.—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 अनुिासन सजमजत ने सीए. वी नागरािन (सदस्ट्यता सख्ं या 024450), नबं र 7 III, 7वीं मने रोड, न्य ू कॉलोनी, िोमिर्े , चन्ने ई-600 044 को िूवोक्त अजधजनयम की दसू री अनुसूची के भाग I के खंड (7) के अथाटन् तगटत वृजिक कदाचार का दोषी अजभजनधाटठरत दकया ह ै और उसके िठरणामस्ट्वरूि अनुिासन सजमजत न े िूवोक्त जनयमों के जनयम 19(1) के जनबंधनानुसार सुनवाई का अवसर प्रदान करने के िश्चात,् सीए. वी नागरािन (सदस्ट्यता सख्ं या 024450) के नाम को 02 (दो) वषट की अवजध के जलए सदस्ट्यों के रजिस्ट्र्र स े हर्ान े का आदेि ददया । अनुिासन सजमजत के आदेि स े व्यजथत होकर, प्र‍यथी न े चार्टडट अकाउंर्ेंर् अजधजनयम, 1949 की धारा 22छ के जनबंधनानुसार अिीलीय प्राजधकरण के समक्ष एक अिील (संख्या 25/आईसीएआई/2021) फाइल की और अिीलीय प्राजधकरण न े अिने तारीख 11 अक्तूबर, 2023 के आदिे द्वारा प्र‍यथी के नाम को हर्ाए िाने की अवजध को 02 (दो) वष ट से घर्ाकर 03 (तीन) मास कर ददया । अिीलीय प्राजधकरण के िूवोक्त आदिे के अनुसरण म ें और िूवोक्त अजधजनयम की 3842 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] धारा 20 की उिधारा (2) द्वारा प्रदि िजक्तयों का प्रयोग करते हुए चार्टडट अकाउंर्ेंर् जवजनयम, 1988 के जवजनयम 18 के अधीन यह अजधसूजचत दकया िाता ह ै दक सीए. वी नागरािन (सदस्ट्यता सख्ं या 024450) का नाम 28 िनू , 2024 स े 03 (तीन) मास की अवजध के जलए सदस्ट्यों के रजिस्ट्र्र स ेहर् िाएगा । सीए. (डा.) िय कुमार बत्रा, सजचव [जवज्ञािन-III/4/असा./225/2024-25] THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA, NEW DELHI (Set up by an Act of Parliament) NOTIFICATION New Delhi, the 28th June, 2024 (CHARTERED ACCOUNTANTS) No. PR-229/2014/DD/307/2014/DC/716/2017.—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. V Nagarajan (Membership No. 024450), No. 7 III, 7th Main Road, New Colony, Chromepet, CHENNAI-600 044, guilty of Professional Misconduct falling within the meaning of Clause (7) of Part I of the 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. V Nagarajan (Membership No. 024450) from the Register of Members for a period of 02 (Two) years. Aggrieved by Order of the Committee, the Respondent preferred an Appeal (no. 25/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 11th October, 2023 reduced the period of removal of name of the Appellant from 02 (Two) years to 03 (Three) months. In pursuance of the aforesaid Order of the Appellate Authority 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. V Nagarajan (Membership No. 024450), shall stand removed from the Register of Members for a period of 03 (Three) months with effect from 28th June, 2024. CA. (Dr.) JAI KUMAR BATRA, Secretary [ADVT.-III/4/Exty./225/2024-25] 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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