## Report on Notification Regarding Disciplinary Action Against Chartered Accountant
**1. Executive Summary:**
This report analyzes a notification issued by the Institute of Chartered Accountants of India (ICAI) regarding disciplinary action taken against CA. Kotila Veetil Shankaran. The core purpose of the notification is to announce the removal of Mr. Shankaran's name from the Register of Members and the imposition of a fine due to professional misconduct. Key findings include the specification of the misconduct, the duration of removal, and the consequences of failing to pay the fine.
**2. Introduction:**
This report aims to provide a comprehensive overview of a notification published by the Institute of Chartered Accountants of India (ICAI) on November 26, 2021, detailing disciplinary actions against a member. The analysis is based solely on the information contained within the provided policy text.
**3. Policy Overview:**
This notification pertains to the enforcement of the Chartered Accountants Act, 1949, and the Chartered Accountants Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases Rules, 2007.
* **Core Objective(s):** The core objective is to publicly announce and enforce the disciplinary actions taken against a member found guilty of professional misconduct, ensuring accountability and maintaining the integrity of the chartered accountancy profession.
**4. Background and Rationale:**
The notification is the result of a disciplinary process undertaken by the Disciplinary Committee of the ICAI. The rationale for this action is the finding of professional misconduct by CA. Kotila Veetil Shankaran, leading to sanctions as per the Chartered Accountants Act and related rules. The notification serves to inform the public and the profession about the disciplinary measures taken.
**5. Key Provisions / Changes:**
Since this is an enforcement notification rather than an amendment, we can understand that it serves to implement existing provisions. This action communicates:
* CA. Kotila Veetil Shankaran was found guilty of Professional/Other Misconduct falling within the meaning of Item 10 of Part I and Item 4 of Part II of the Second Schedule in the first case and Item 10 of Part I of Second Schedule and Item 2 of Part IV of the First Schedule.
* As a consequence, Mr. Shankaran's name is removed from the Register of Members for five years.
* A fine of Rs. 1,00,000 was imposed in each case.
* Failure to deposit the fine results in an additional six-month removal from the register.
* The punishments run concurrently.
**6. Target Audience and Stakeholders:**
The primary target audience includes:
* The Institute of Chartered Accountants of India (ICAI)
* Members of the ICAI, to ensure awareness of disciplinary standards.
* CA. Kotila Veetil Shankaran directly affected by the disciplinary action.
* Clients of Mr. Shankaran and the general public who may rely on the services of chartered accountants.
* Regulatory bodies overseeing the accounting profession.
**7. Implementation Aspects (Inferred):**
* **Responsible agency/bodies:** The Disciplinary Committee of the ICAI is the primary body responsible for investigating and implementing the disciplinary actions. The Secretary of the ICAI is responsible for issuing the notification. The Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi110064 and Published by the Controller of Publications, Delhi110054. also contributed to the publication.
* **Timelines or procedures:**
* The notification is effective from November 26, 2021.
* The initial removal period is five years, with an additional six months if the fine is not paid within 30 days.
**8. Expected Outcomes / Impact of Changes:**
The intended outcomes of this notification include:
* Enforcement of ethical standards within the chartered accountancy profession.
* Public awareness of disciplinary actions taken against misconduct.
* A deterrent effect on other members of the profession.
* Removal of an individual deemed to have engaged in professional misconduct from practicing as a chartered accountant for a specified period.
* Maintenance of public trust in the chartered accountancy profession.
**9. Conclusion:**
The notification concerning the disciplinary action against CA. Kotila Veetil Shankaran highlights the ICAI's commitment to upholding professional standards and ensuring accountability within the chartered accountancy profession. The removal from the Register of Members and the imposition of fines serve as a significant sanction, reinforcing the importance of ethical conduct and adherence to professional guidelines. The implementation of these measures is crucial for maintaining the integrity and credibility of the profession.
Key Entities Referenced
New Delhi: The city where the notification was issued.
The Institute of Chartered Accountants of India: The organization that issued the notification.
Chartered Accountants Act, 1949: The Act of Parliament under which the disciplinary action was taken.
Chartered Accountants Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases Rules, 2007: Rules pertaining to investigations of professional misconduct.
Disciplinary Committee: Committee that held CA. Kotila Veetil Shankaran guilty.
CA. Kotila Veetil Shankaran: Chartered Accountant found guilty of professional misconduct.
Kanjurmarg West, Mumbai, Maharashtra: Location of Mahavir Trinkets, Opp Kanjur Marg Railway Station
Chartered Accountants Regulations, 1988: Regulations related to Chartered Accountants.
CA. Dr. JAI KUMAR BATRA: Acting Secy.
Mayapuri, New Delhi: Location of Government of India Press
Delhi: Location of Controller of Publications
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-26112021-231402
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असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 597] नई ददल्ली, िुावार, नवम्बर 26, 2021/अग्रहायण 5, 1943
No. 597] NEW DELHI, FRIDAY, NOVEMBER 26, 2021/AGRAHAYANA 5, 1943
भारतीय चार्टड ट अकाउंर्ेंट्स सस्ट्ं थान
(ससं द ्के एक अजधजनयम द्वारा गठित)
अजधसचू ना
नई ददल् ली, 26 नवम् बर, 2021
(चार्टडट अकाउंर्ेंट्स)
स.ंपीआर-295/2014-डीडी/313/2014-डीसी/550/2017 और पीआर-33/2016-डीडी/97/2016-डीसी/
1028/2019.—चार्टडट अकाउंर्ेंट्स (वृज तक और अ य कदाचार के अ वेषणोणऔ और मामलऔ के संचालन कप प्रदाया) जनयम,
2007 के जनयम 18(17) और 19(1) के साथ पठित, चार्टड ट अकाउंर्ेंट्स अजधजनयम, 1949 कप धारा 21ख(3) के उपबधं औ
के जनबंधनानुसार अनुिासन सजमजत न,े सीए. कोठर्ला वीठर्ल िकं रन (सदस्ट्यता सख्ं या 033960), सी 909, महावीर
ट्रंकेट्स, कंिरु माग ट रेलव े स्ट्र्ेिन के सामन,े कंिरु माग ट पजिम, मबुं ई 400 078 को, पूवोक्त अजधजनयम कप दसू री अनुसूची
के भाग 1 कप मद (10) और भाग 2 कप मद (4) (प्रथम मामले म)ें तथा दसू री अनुसूची के भाग 1 कप मद (10) और पहली
अनुसूची के भाग 4 कप मद (2) (दसू रे मामल े में) के अथाटत गटत वृजिक/अय कदाचार का दोषणोी पाया ह ै और इसके
पठरणामस्ट्वरूप तारीख 18 अगस्ट्त, 2020 और 27 मई, 2021 को आयोजित अपनी बैिकऔ म ें पाठरत आदेिऔ के द्वारा
उपयुटक् त सीए. कोठर्ला वीठर्ल िकं रन (सदस्ट्यता सख्ं या 033960) के नाम को उपरोक्त मामलऔ म ें स े प्रयेक म ें 05 (पांच)
वषणोट कप अवजध के जलए सदस्ट्यऔ के रजिस्ट्र्र से हर्ाने का आदेि ददया ह ै और केवल 1,00,000/- रुपए (एक लाख रुपए) का
6841 GI/2021 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
िुमाटना भी अजधरोजपत दकया ह ै । इसके अजतठरक्त अनुिासन सजमजत ने तारीख 27 मई, 2021 को आयोजित बैिक म ें
पाठरत आदेि के द्वारा यह भी आदेि ददया ह ै दक यदद प्रयथी सीए. कोठर्ला वीठर्ल िकं रन (सदस्ट्यता सख्ं या 033960)
अनुबंजधत समय, अथाटत ् 30 ददन कप अवजध के भीतर िुमाटना िमा कराने में असफल रहता ह ै तो उसके नाम को 06 (छह)
मास कप अजतठरक्त अवजध के जलए सदस्ट्यऔ के रजिस्ट्र्र से हर्ा ददया िाएगा । सजमजत न े यह भी स्ट्पष्ट दकया दक दोनऔ पूवोक्त
मामलऔ में दंड एक साथ चलगे ा । चूंदक प्रयथी यथा अनुबंजधत िुमाटना िमा कराने में असफल रहा है, अत:, इसके अनुसरण
म ें और चार्टडट अकाउंर्ेंट्स जवजनयम, 1988 के जवजनयम 18 के साथ पठित पूवोक्त अजधजनयम कप धारा 20 कप उपधारा (2)
द्वारा प्रदि िजक्तयऔ का प्रयोग करते हुए यह अजधसूजचत दकया िाता ह ै दक सीए. कोठर्ला वीठर्ल िकं रन (सदस्ट्यता सख्ं या
033960) का नाम, 26 नवबं र, 2021 स े 05 (पाचं ) वषणो ट और अजतठरक्त 06 (छह) मास कप अवजध के जलए सदस्ट्यऔ के
रजिस्ट्र्र स ेहर् िाएगा ।
सीए. (डॉ.) िय कुमार बत्रा, कायटवाहक सजचव
[जवज्ञापन-III/4/असा./461/2021-22]
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
(Set up by an Act of Parliament)
NOTIFICATION
New Delhi, the 26th November, 2021
(CHARTERED ACCOUNTANTS)
No. PR-295/2014-DD/313/2014-DC/550/2017 and PR-33/2016-DD/97/2016-DC/1028/2019.—In terms of
the provisions of Section 21B(3) of the Chartered Accountants Act, 1949 read with Rules 18(17) and 19(1) of the
Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases)
Rules, 2007, the Disciplinary Committee has held CA. Kotila Veetil Shankaran (Membership No. 033960), C 909,
Mahavir Trinkets, Opp Kanjur Marg Railway Station, Kanjurmarg West, MUMBAI 400 078, guilty of
Professional/Other Misconduct falling within the meaning of Item (10) of Part I and Item (4) of Part II of the Second
Schedule( in the first case) and Item (10) of Part I of Second Schedule and Item (2) of Part IV of the First Schedule
(in the second case), to the aforesaid Act and consequently vide orders passed in meetings dated 18th August, 2020
and 27th May, 2021, ordered for removal of the name of aforesaid CA. Kotila Veetil Shankaran (Membership
No. 033960) from the Register of Members for a period of 05(Five) years and also imposed a fine of Rs. 1,00,000/-
(Rupees One Lakh) only in each of the above cases. The Disciplinary Committee vide order passed in meeting dated
27th May, 2021, further ordered that if the Respondent, CA. Kotila Veetil Shankaran (Membership No. 033960),
fails to deposit the fine within the stipulated time i.e. 30 days, his name should be removed from the Register of
Members for a further period of 06(six) months. The Committee also clarified that the punishment shall run
concurrently in both the aforesaid cases. Since, the Respondent failed to deposit the imposed fine as stipulated, 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, it is hereby notified that the name of said CA.
Kotila Veetil Shankaran (Membership No. 033960), shall stand removed for a consolidated period of 05(Five)
years plus additional 06(six) months from the Register of Members with effect from 26th November, 2021.
CA. (Dr.) JAI KUMAR BATRA, Acting Secy.
[ADVT.-III/4/Exty./461/2021-22]
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.