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Date: 01-Dec-2023 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. Nitte Sudhir Shetty (Membership No. 035083) from the Register of Members of the Institute of Chartered Accountants of India (ICAI) for a period of three months, effective from December 1, 2023. This action follows a disciplinary proceeding and subsequent appeal.

Key Changes

  • CA. Nitte Sudhir Shetty was found guilty of professional misconduct under Item (7) of Part I of the Second Schedule to the Chartered Accountants Act, 1949.
  • The Disciplinary Committee initially ordered the removal of CA. Shetty's name from the Register of Members for six months and imposed a fine of Rs. 1,00,000.
  • On appeal, the Appellate Authority modified the Disciplinary Committee's order, reducing the removal period from six months to three months, while maintaining the fine of Rs. 1,00,000.
  • The notification formally announces the implementation of the Appellate Authority's order, removing CA. Shetty's name from the Register of Members for three months starting December 1, 2023.

Impact Analysis

Impact on CA. Nitte Sudhir Shetty

  • Need to address the reasons for the misconduct to prevent future occurrences.

Impact on ICAI

  • May lead to increased scrutiny of other members to ensure compliance with ethical guidelines.

Impact on Clients and Public

  • The notification serves as a reminder to the public of the importance of ethical conduct and accountability within the accounting profession.

Suggested Action Items

  • ICAI to review and potentially strengthen its disciplinary procedures to enhance effectiveness and fairness.

Key Entities Referenced

ICAI: The Institute of Chartered Accountants of India, the regulatory body for chartered accountants in India. CA. Nitte Sudhir Shetty: Chartered Accountant and member of ICAI (Membership No. 035083) who has been found guilty of professional misconduct and suspended from the Register of Members. Disciplinary Committee: A committee within ICAI responsible for investigating and adjudicating cases of professional misconduct by members. Appellate Authority: An authority to which members of ICAI can appeal decisions made by the Disciplinary Committee. Chartered Accountants Act, 1949: The legislation that governs the regulation of the chartered accountancy profession in India. Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007: Rules outlining the procedures for investigating professional misconduct. Chartered Accountants Regulations 1988: Regulations pertaining to the functioning of ICAI and its members.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-02122023-250381 xxxGIDHxxx CG-DL-E-02122023-250381 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 789] नई ददल्ली, िुिवार, ददसम्बर 1, 2023/अग्रहायण 10, 1945 No. 789] NEW DELHI, FRIDAY, DECEMBER 1, 2023/AGRAHAYANA 10, 1945 भारतीय सनदी लखे ाकार सस्ट्ं थान, नई ददल्ल ी (ससं दीय अजधजनयम द्वारा स्ट्थाजित) अजधसचू ना नई ददल्ली, 1 ददसम् बर, 2023 (चार्टडट अकाउंर्ेंट्स) स.ं िीआर/72ए/13-डीडी/264/14/डीसी/564/2017.—चार्टडट अकाउंर्ेंर् (वृज‍ तक और अन् य कदाचार के अन् वेषणोण और मामल के सचं ालन की प्रदिया) जनयम, 2007 के जनयम 18(17) के साथ िठित, चार्टडट अकाउंर्ेंर् अजधजनयम, 1949 की धारा 21ख(3) के उिबंध के जनबंधनानुसार अनुिासन सजमजत न े सीए. जनत्त े सुधीर िेट्टी (सदस्ट्यता संख्या 035083), अिुटन, प्लॉर् नंबर 6 ए, कल्याणग्राम सोसायर्ी, वी िी रोड, अंधरे ी (िजिम), मुंबई (महाराष्ट्र) 400 058, को िूवोक्त अजधजनयम की दसू री अनुसूची के भाग I की मद (7) के अथाटन्त गतट वृजत्तक कदाचार का दोषणोी िाया ह ै और उसके िठरणामस्ट्वरूि िूवोक्त जनयम के जनयम 19(1) के जनबधं नानुसार सुनवाई का अवसर प्रदान करन े के ििात,् सीए. जनत्ते सुधीर िेट्टी (सदस्ट्यता संख्या 035083) के नाम को 06 (छह) मास की अवजध के जलए सदस्ट्य के रजिस्ट्र्र स े हर्ान े का आदेि ददया ह ै और साथ ही 1,00,000/- रुिए (केवल एक लाख रुिए) का िुमाटना भी अजधरोजित दकया । सजमजत के आदेि स े व्यजथत होकर, प्र‍यथी ने चार्टडट अकाउंर्ेंर् अजधजनयम, 1949 की धारा 22छ के जनबंधनानुसार अिीलीय प्राजधकरण के समक्ष अिील फाइल की और अिील संख्या 06/आईसीएआई/2023 म ें अिीलीय प्राजधकरण के तारीख 7469 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] 20 अक्तूबर, 2023 के आदेि द्वारा उक्त आदेि को उिांतठरत करत े हुए नाम को हर्ाए िान े की अवजध को 06 (छह) मास से 03 (तीन) मास दकया और साथ ही 1,00,000/- रुिए (एक लाख रुिए) का िुमाटना भी अजधरोजित दकया । तदनुसार, अिीलीय प्राजधकरण के िूवोक्त आदेि के अनुसरण म ें और िवू ोक्त अजधजनयम की धारा 20 की उिधारा (2) द्वारा प्रदत्त िजक्तय का प्रयोग करते हुए, चार्टडट अकाउंर्ेंर् जवजनयम, 1988 के जवजनयम 18 के अधीन यह अजधसूजचत दकया िाता ह ै दक उक्त सीए. जनत्त े सुधीर िेट्टी (सदस्ट्यता संख्या 035083) का नाम 1 ददसंबर, 2023 स े 03 (तीन) मास की अवजध के जलए सदस्ट्य के रजिस्ट्र्र स े हर् िाएगा । सीए. (डा.) िय कुमार बत्रा, सजचव [जवज्ञािन-III/4/असा./571/2023-24] THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA, NEW DELHI (Set up by an Act of Parliament) NOTIFICATION New Delhi, the 1st December, 2023 (CHARTERED ACCOUNTANTS) No. PR/72A/13-DD/264/14/DC/564/2017.—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. Nitte Sudhir Shetty (Membership No. 035083), Arjun, Plot No. 6 A, Kalyangram Society, V P Road, Andheri(West), MUMBAI(Maharashtra) 400 058, guilty of Professional Misconduct falling within the meaning of Item (7) 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 the name of CA. Nitte Sudhir Shetty (Membership No. 035083) from the Register of Members for a period of 06(Six) months 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 in terms of Section 22G of the Chartered Accountants Act, 1949 and the Appellate Authority in appeal no. 06/ICAI/2023 vide its order dated 20th October, 2023 has modified the period of removal of name from 06(Six) months to 03(three) months alongwith a fine of Rs. 1,00,000/-(Rupees One Lakh only). Accordingly, 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 said CA. Nitte Sudhir Shetty (Membership No. 035083) shall stand removed from the Register of Members for a period of 03(Three) months with effect from 1st December, 2023. CA. (Dr.) JAI KUMAR BATRA, Secy. [ADVT.-III/4/Exty./571/2023-24] 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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