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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

Gazette Notification Description

  • This gazette 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 June 28, 2024.
  • The notification is based on an appeal decision by the Appellate Authority, which reduced the initial two-year removal period imposed by the Disciplinary Committee to three months.

Key Changes

  • CA. V Nagarajan was initially found guilty of professional misconduct by the Disciplinary Committee and faced a two-year removal from the Register of Members.
  • Following an appeal (no. 25/ICAI/2021), the Appellate Authority reduced the penalty to a three-month removal from the Register of Members.
  • The three-month removal is effective from June 28, 2024.

Impact Analysis

Impact on CA. V Nagarajan

  • Inability to practice as a chartered accountant during the three-month period.

Impact on ICAI

  • Potential administrative burden associated with the disciplinary action and appeal.

Impact on Public

  • Ensures that only qualified and ethically sound professionals are registered to practice.

Suggested Actions

  • ICAI should review its disciplinary procedures to ensure fairness and efficiency.

Key Entities Referenced

Institute of Chartered Accountants of India (ICAI): The professional body for chartered accountants in India, responsible for setting standards, regulating the profession, and handling disciplinary actions. Disciplinary Committee: A committee within ICAI responsible for investigating allegations of professional misconduct against chartered accountants. Appellate Authority: An authority within ICAI that hears appeals against decisions of the Disciplinary Committee. Chartered Accountants Act, 1949: The primary legislation governing 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 cases within ICAI. Chartered Accountants Regulations 1988: Regulations governing various aspects of the chartered accountancy profession. CA. V Nagarajan: A chartered accountant whose membership was temporarily revoked.
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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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