COUNCIL OF THE INSTITUTE OF CHARTERED v. SHRI MANISH AGARWAL, ACA
Case at a glance
Provisions considered
- Chartered Accountants Act, 1949 s. 21(5)
Judgment
THE HON'BLE MR. JUSTICE VENKATESH NAIK T CIVIL PETITION NO.53 OF 2014 BETWEEN: COUNCIL OF THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA INDRAPRASTHA MARG NEW DELHI. (BY SRI S.S. NAGANAND, SENIOR COUNSEL, ALONG WITH MS. VISMAYA SIMHA, ADVOCATE) …PETITIONER AND:
MOUNESHWARAPPA NAGARATHNA Location: High Court of Karnataka SHRI MANISH AGARWAL, ACA H.NO.313, DEEP 6TH MAIN II BLOCK, HRBR LAYOUT KALYAN NAGAR, BANASWADI BENGALURU-560 043. UNION OF INDIAN MINISTRY OF CORPORATE AFFAIRS 5TH FLOOR, 'A' WING SHASTRI BHAVAN NEW DELHI-110 001 REPRESENTED BY ITS SECRETARY. RESPONDENT NO.2 HEREIN WAS IMPLEADED VIDE ORDER D DATED 17-10-2019 PASSED BY THIS HON'BLE COURT. …RESPONDENTS (BY SRI SHANTHI BHUSHAN, A.S.G.I., FOR R-2, AND VIDE COURT ORDER DATED 25-1-2022, NOTICE TO R-1 IS HELD SUFFICIENT) * * * - 2 - NC: 2025:KHC:29278-DB CP No. 53 of 2014 HC-KAR THIS CIVIL PETITION IS FILED UNDER SECTION 21(5) OF THE CHARTERED ACCOUNTANTS ACT, 1949, PRAYING THIS HON'BLE COURT TO PASS NECESSARY ORDERS IN ACCORDANCE WITH SECTION 21(6) OF THE SAID ACT. THIS CIVIL PETITION IS COMING ON FOR HEARING, THIS DAY, ORDER WAS MADE THEREIN AS UNDER: CORAM: HON'BLE MR. JUSTICE D K SINGH AND HON'BLE MR. JUSTICE VENKATESH NAIK T ORAL ORDER (PER: HON'BLE MR. JUSTICE D K SINGH) Heard Sri S.S. Naganand, learned senior counsel along with Ms. Vismaya Simha, learned counsel for the petitioner, and Sri Shanthi Bhushan, learned Assistant Solicitor General of India for respondent No.2.
2. This civil petition is a reference under Section 21(5) of the Chartered Accountants Act, 1949. The Disciplinary Committee of the Council of the Institute of the Chartered Accountants of India has found the first respondent guilty of host of charges. After the disciplinary proceedings, as contemplated under the Act and the Rules made thereunder, the Disciplinary Committee has concluded its findings, which are extracted as under: - 3 - NC: 2025:KHC:29278-DB CP No. 53 of 2014 HC-KAR "I(a) The Respondent is not guilty of professional misconduct with respect to charge no.1 and first leg of charge No.4. I(b) The Respondent is guilty of professional misconduct falling within the meaning of Clause (7) of Part I of the Second Schedule read with Clause (ii) of Part II of the Second Schedule to the Chartered Accountants Act, 1949 with respect to charge nos.2, 3 and second leg of charge no.4."
The said findings and recommendations have been accepted by the Council of the Institute of Chartered Accountants of India.
Despite the service of notice, the first respondent has chosen not to appear and contest the civil petition.
This Court has no material or reason to defer with the findings and recommendations of the Disciplinary Committee, which have been accepted by the Council of the Institute of Chartered Accountants of India.
In view of the aforesaid, this Court accepts the recommendations of the Council of the Institute of Chartered Accountants India holding respondent, - 4 - NC: 2025:KHC:29278-DB CP No. 53 of 2014 HC-KAR Sri Manish Agarwal, guilty of professional misconduct falling within the meaning of Clause-(7) of Part-I of the Second Schedule read with Clause (ii) of Part II of the Second Schedule to the Chartered Accountants Act, 1949, with respect of charge Nos.2, 3 and second leg of charge No.4 and also approve the punishment for removal of the first respondent from the Register of Members of the Institute of the Chartered Accountants for a period of three years. The civil petition stands closed. Sd/- (D K SINGH) JUDGE Sd/- (VENKATESH NAIK T) JUDGE KVK List No.: 1 Sl No.: 42
Precedent status how later indexed judgments have treated this case
No known negative treatment found in the Courts & Cases corpus.
This is a result about the indexed corpus, not a finding that the judgment remains good law. Coverage may be incomplete.