The notification announces the removal of CA. Jigneshkumar Jaysukhlal Korat (Membership No. 131303) from the Register of Members of the Institute of Chartered Accountants of India (ICAI) for a period of three months, effective from August 23, 2024. This action is a result of disciplinary proceedings for professional misconduct.
A penalty of Rs. 1,00,000/- (Rupees One Lakh) has also been imposed on CA. Jigneshkumar Jaysukhlal Korat, payable within 60 days from the date of receipt of the order.
Key Changes
CA. Jigneshkumar Jaysukhlal Korat's name is removed from the Register of Members for 3 months starting August 23, 2024.
A fine of Rs. 1,00,000/- has been levied on CA. Jigneshkumar Jaysukhlal Korat, to be paid within 60 days of receiving the order.
The disciplinary action is based on the Chartered Accountants Act, 1949, and the Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007.
The Disciplinary Committee found CA. Jigneshkumar Jaysukhlal Korat guilty of professional misconduct under Item (7) of Part I of the Second Schedule and Item (2) of Part IV of the First Schedule of the Chartered Accountants Act, 1949.
Impact Analysis
Impact on CA. Jigneshkumar Jaysukhlal Korat
Required to comply with the order and pay the fine within the stipulated timeframe of 60 days.
Impact on M/s. Jignesh Korat & Associates
The firm needs to ensure compliance during the period CA. Korat is barred from practice.
Impact on Clients of CA. Jigneshkumar Jaysukhlal Korat and M/s. Jignesh Korat & Associates
Clients may seek assurance regarding the quality and integrity of past work.
Impact on ICAI and its Members
Maintains public trust in the Chartered Accountancy profession.
Suggested Action Items
Clients of CA. Jigneshkumar Jaysukhlal Korat should assess the impact and make necessary arrangements for their accounting and auditing needs.
Key Entities Referenced
Institute of Chartered Accountants of India (ICAI): The governing body for the Chartered Accountancy profession in India, responsible for setting standards, conducting examinations, and enforcing ethical conduct.
CA. Jigneshkumar Jaysukhlal Korat: A Chartered Accountant and member of ICAI (Membership No. 131303) who has been found guilty of professional misconduct.
M/s. Jignesh Korat & Associates: The Chartered Accountancy firm with which CA. Jigneshkumar Jaysukhlal Korat is associated.
Disciplinary Committee of ICAI: The committee responsible for investigating and adjudicating cases of professional misconduct by Chartered Accountants.
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.
Chartered Accountants Regulations 1988: Regulations pertaining to the Chartered Accountants Act, 1949
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
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असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 659] नई ददल्ली, मगं लवार, अगस्ट्त 27, 2024/भाद्र 5, 1946
No. 659] NEW DELHI, TUESDAY, AUGUST 27, 2024/BHADRA 5, 1946
भारतीय सनदी लखे ाकार सस्ट्ं थान, नई ददल्ल ी
(ससं दीय अजधजनयम द्वारा स्ट्थाजित)
अजधसचू ना
नई ददल् ली, 23. अगस्ट्त, 2024
(चार्टडट अकाउंर्ेंट्स)
स.ं िीआर/84/18/डीडी/119/2018/डीसी/1373/2020.—चार्टडट 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, चार्टडट अकाउंर्ेंर्
अजधजनयम, 1949 कप धारा 21ख(3 के उिबंधऔ के जनबधं नानुसार अनुिासन सजमजत ने मसै स ट जिग्निे कोरार् एंड
एसोजसएट्स के सीए. जिग्निे कुमार ियसखु लाल कोरार् (सदस्ट्यता स.ं 131303 , 3026 तीसरी मजं िल सरें ल बािार,
वराछा िजु लस थान े के सामन,े वराछा रोड सरू त 395006 को िूवोक्त अजधजनयम कप िहली अनुसूची के भाग IV कप मद
(2 र दसू री अनुसूची के भाग I कप मद (7 के अथाट तगटत वृजिक र अय कदाचार का दोषणोी अजभजनधाटठरत दकया ह ै
र उसके िठरणामस्ट्वरूि अनिु ासन सजमजत न े िूवोक्त जनयमऔ के जनयम 19(1 के जनबंधनानुसार सुनवाई का अवसर
प्रदान करन े के िश्चात,् सीए. जिग्निे कुमार ियसखु लाल कोरार् (सदस्ट्यता स.ं 131303 के नाम को 03 (तीन मास कप
अवजध के जलए सदस्ट्यऔ के रजिस्ट्र्र स े हर्ाने का आदेि ददया र साथ ही 1,00,000/- रुिये (केवल एक लाख रुिए का
िुमाटना भी अजधरोजित दकया, जिसका संदाय आदेि कप प्राजि कप तारीख से 60 ददन के भीतर दकया िाना ह ै । अनुिासन
सजमजत के िूवोक्त आदेि के अनुसरण म ें र िूवोक्त अजधजनयम कप धारा 20 कप उिधारा (2) द्वारा प्रदि िजक्तयऔ का
5421 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
प्रयोग करते हुए चार्डट ट अकाउंर्ेंर् जवजनयम, 1988 के जवजनयम 18 के अधीन यह अजधसूजचत दकया िाता ह ै दक उक्त सीए.
जिग्निे कुमार ियसखु लाल कोरार् (सदस्ट्यता स.ं 131303 का नाम 23 अगस्ट्त, 2024 स े 03 (तीन मास कप अवजध के
जलए सदस्ट्यऔ के रजिस्ट्र्र स ेहर् िाएगा ।
सीए. (डा. िय कुमार बत्रा, सजचव
[जवज्ञािन-III/4/असा./425/2024-25]
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA, NEW DELHI
(Set up by an Act of Parliament)
NOTIFICATION
New Delhi, the 23rd August, 2024
(CHARTERED ACCOUNTANTS)
No. PR/84/18/DD/119/2018/DC/1373/2020.—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. Jigneshkumar Jaysukhlal Korat (M.No.131303) of M/s. Jignesh Korat & Associates, 3026 3rd Floor
Central Bazzar, Opp Varachha Police Station, Varachha Road SURAT 395006, guilty of Professional and Other
Misconduct falling within the meaning of Item (7) of Part I of the Second Schedule and Item (2) of Part IV of the First
Schedule and 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. Jigneshkumar Jaysukhlal Korat (M.No.131303)
from the Register of Members for a period of 03 (Three) months and also imposed a Fine of Rs.1,00,000/-(Rupees
One Lakh) only to be paid within a period of 60 days from the date of receipt of the Order. In pursuance of the
aforesaid Order of the Disciplinary Committee 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. Jigneshkumar Jaysukhlal Korat (M.No.131303), shall stand removed from the Register of
Members for a period of 3(Three) months with effect from 23rd August, 2024.
CA. (Dr.) JAI KUMAR BATRA, Secy.
[ADVT.-III/4/Exty./425/2024-25]
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and Published by the Controller of Publications, Delhi-110054.