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Date: 15-Mar-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 pertains to disciplinary action taken against CA. Shamit Tridash Majmudar (Membership No. 010595) for professional misconduct.
  • The Disciplinary Committee of the Institute of Chartered Accountants of India (ICAI) initially ordered the removal of CA. Shamit Tridash Majmudar's name from the Register of Members for a period of three years and imposed a fine of Rs. 1,00,000.
  • The Appellate Authority, upon appeal, reduced the removal period to the period already undergone but upheld the fine of Rs. 1,00,000.
  • The notification modifies the earlier notification dated 3rd September, 2021, to reflect the changes ordered by the Appellate Authority.

Key Changes

  • The Disciplinary Committee found CA. Shamit Tridash Majmudar guilty of professional misconduct under Item (4) of Part II of the Second Schedule to the Chartered Accountants Act, 1949.
  • The initial order removed CA. Shamit Tridash Majmudar's name from the Register of Members for three years, effective from 3rd September, 2021, and imposed a fine of Rs. 1,00,000.
  • The Appellate Authority reduced the removal period to the period already served as of 5th November, 2023, while maintaining the fine of Rs. 1,00,000.
  • The notification modifies the original order dated 3rd September, 2021, to reflect the reduced removal period ordered by the Appellate Authority.

Impact Analysis

Impact on CA. Shamit Tridash Majmudar

  • Reputational damage due to the finding of professional misconduct persists.

Impact on M/s. Shamit Majmudar Associates

  • The firm may need to implement stricter quality control measures to prevent future instances of misconduct.

Impact on ICAI

  • The notification reinforces ICAI's commitment to maintaining professional standards within the chartered accountancy profession.

Suggested Action Items

  • ICAI should continue to monitor the situation and ensure compliance with its disciplinary orders.

Key Entities Referenced

CA. Shamit Tridash Majmudar: Chartered Accountant (Membership No. 010595) who was found guilty of professional misconduct. M/s. Shamit Majmudar Associates: Chartered Accountancy firm associated with CA. Shamit Tridash Majmudar. The Institute of Chartered Accountants of India (ICAI): The regulatory body for chartered accountants in India, responsible for setting professional standards and conducting disciplinary proceedings. Disciplinary Committee: A committee within ICAI responsible for investigating and adjudicating cases of professional misconduct. Appellate Authority: An authority established under the Chartered Accountants Act, 1949 to hear appeals against the orders 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 and handling cases of professional misconduct by chartered accountants. Chartered Accountants Regulations, 1988: Regulations framed under the Chartered Accountants Act, 1949, providing detailed rules for the functioning of ICAI and its members.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 xxxGIDHxxx सी.जी.-डी.एल.-अ.-15032024-253072 xxxGIDExxx CG-DL-E-15032024-253072 असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 175] नई ददल्ली, िुावार, माचच 15, 2024/फाल्ग नु 25, 1945 No. 175] NEW DELHI, FRIDAY, MARCH 15, 2024/PHALGUNA 25, 1945 भारतीय सनदी लखे ाकार सस्ट्ं थान, नई ददल्ल ी (ससं दीय अजधजनयम द्वारा स्ट्थाजित) अजधसचू ना नई ददल् ली, 15 माच,च 2024 (चार्चडच अकाउंर्ेंट्स) स.ं िीआर/184/14-डीडी/217/2014/डीसी/778/2018.—चार्चडच अकाउंर्ेंर् (वृज‍ तक र अ‍ य कदाचार के अ‍ वेषणोणऔ र मामलऔ के सचं ालन कप प्रदाया जनयम, 2007 के जनयम 18(17) के साथ िठित, चार्चडच अकाउंर्ेंर् अजधजनयम, 1949 कप धारा 21ख(3 के उिबंधऔ के जनबंधनानुसार अनुिासन सजमजत ने सीए. िजमत जिदाि मिमदु ार (सदस्ट्यता सख्ं या 010595 , मसै स च िजमत मिमदु ार एसोजसएट्स, चार्चडच एकाउंर्ेंस, 206, िानकप सर्ें र, ऑफ वीरा देसाई रोड, अधं रे ी (िजिम , मुंबई 400 053, को िूवोक्त अजधजनयम कप दसू री अनुसूची के भाग 2 कप मद (4 के अथाच‍ तगचत वृजिक कदाचार का दोषणोी िाया ह ै र उसके िठरणामस्ट्वरूि अनुिासन सजमजत ने िूवोक्त जनयमऔ के जनयम 19(1 के जनबंधनानुसार सुनवाई का अवसर प्रदान करने के ििात्, सीए. िजमत जिदाि मिमदु ार (सदस्ट्यता सख्ं या 010595 के नाम को 03 (तीन वषणो च कप अवजध के जलए हर्ाने का आदेि ददया र साथ ही 1,00,000/- रुिये (केवल एक लाख रुिए का िुमाचना भी अजधरोजित दकया । उसके अनुसरण में र चार्चडच अकाउंर्ेंर् जवजनयम, 1988 के जवजनयम 18 के साथ िठित िूवोक्त अजधजनयम कप धारा 20 कप उिधारा (2) द्वारा प्रदि िजक्तयऔ का प्रयोग करते हुए उक्त सीए. िजमत जिदाि मिमदु ार (सदस्ट्यता सख्ं या 010595 का नाम 3 जसतबं र, 2021 स े 03 (तीन वषणो च कप अवजध के जलए सदस्ट्यऔ के रजिस्ट्र्र 1968 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] स े हर्ा ददया गया । अनुिासन सजमजत के आदेि से व्यजथत होकर, प्र‍यथी न े चार्चडच अकाउंर्ेंर् अजधजनयम, 1949 कप धारा 22छ के जनबंधनानुसार अिीलीय प्राजधकरण के समक्ष अिील (संख्या 01/आईसीएआई/2022 फाइल कप र अिीलीय प्राजधकरण ने तारीख 5 नवंबर, 2023 के अिन े आदेि द्वारा नाम हर्ाने कप अवजध को 03 (तीन वषणोच स े घर्ाकर िहल े से िूरी हो चुकप अवजध तक कर ददया र 1,00,000/- रुिये (केवल एक लाख रुिए का िमु ाचना भी अजधरोजित दकया । अिीलीय प्राजधकरण के आदेि के अनुसरण म,ें 3 जसतंबर, 2021 कप अजधसूचना को उस सीमा तक संिोजधत दकया गया ह ै। सीए. (डा. िय कुमार बिा, सजचव [जवज्ञािन-III/4/असा./829/2023-24] THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA, NEW DELHI (Set up by an Act of Parliament) NOTIFICATION New Delhi, the 15th March, 2024 (CHARTERED ACCOUNTANTS) No. PR/184/14-DD/217/2014/DC/778/2018.—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 held CA. Shamit Tridash Majmudar (Membership No. 010595), M/s. Shamit Majmudar Associates, Chartered Accountants, 206, Janki Centre, Off Veera Desai Road, Andheri(West), MUMBAI 400 053, guilty of Professional Misconduct falling within the meaning of Item (4) of Part II 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. Shamit Tridash Majmudar (Membership No. 010595), from the Register of Members for a period of 03(Three) years and also imposed a fine of Rs. 1,00,000/-(One Lakh) only. In pursuance thereof and in exercise of the powers conferred by sub-section (2) of Section 20 of the aforesaid Act, read with Regulation 18 of the Chartered Accountants Regulations, 1988, the name of CA. Shamit Tridash Majmudar (Membership No. 010595), was removed from the Register of Members for a period of 03(Three) years with effect from 3rd September, 2021. Aggrieved by the Order of the Disciplinary Committee, CA. Shamit Tridash Majmudar preferred an Appeal (no. 01/ICAI/2022) before the Appellate Authority under Section 22G of the Chartered Accountants Act, 1949 and the Appellate Authority by its order dated 5th November, 2023 reduced the period of removal of name from 03(Three) years to the period already undergone alongwith a fine of Rs. 1,00,000/(Rupees One Lakh only). In pursuance of the Order of the Appellate Authority, the notification dated 3rd September, 2021, stands modified to that extent. CA. (Dr.) JAI KUMAR BATRA, Secy. [ADVT.-III/4/Exty./829/2023-24] 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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