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CA Institute removes names of six members

K.R.Srivats New Delhi | Updated on September 06, 2021

Some of these members have also been imposed with fines ranging from ₹15,000 to ₹ 1 lakh

The CA Institute has removed the names of six chartered accountants from its Register of members on the grounds of professional misconduct.

These six chartered accountants --Shamit Tridash Majumdar, Ketan Ramji Bhanderi, Murali Manohar Lakhotia, M Balasubramanian, Vishnu Kant Gupta and Hrushikesh Vinayak Deodhar-- have been removed for a period ranging from 7 days to 3 years depending on the nature of professional misconduct.

Some of these members have also been imposed with fines ranging ranging from ₹15,000 to ₹ 1 lakh, sources in CA Institute said. The disciplinary actions are related to different cases, they added. The discplinary actions have been initiated for seperate cases, they added.

Technically, these members can prefer to go for an appeal before the appellate authority (tribunal) constituted by the government under the helm of retired Judge of High Court and two other members nominated by the government.

Earlier in February this year, the CA Institute had removed seven other members from its register for a period of 15 days to two years depending on the nature of professional misconduct.

Change in proceedings

After 2006, the whole concept of disciplinary proceedings for chartered accountants have been amended. Previously the Disciplinary Committee was the enquiry committee and the Central Council was awarding punishment. Now Disciplinary Committee comes under Code of Civil Procedure and the punishment is awarded by this committee. The Central Council of the CA Institute does not award the punishment since 2006.

Published on September 05, 2021

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