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TMI Blog2010 (2) TMI 580X X X X Extracts X X X X X X X X Extracts X X X X ..... sue this matter elsewhere, but not through a company application presented under section 397 of the Act and it is therefore, we reject this submission. The professional misconduct is not a matter which normally the Board examines and neither this court examines any such sundry matters and professional misconduct of the chartered accountant is a matter for the Institute of Chartered Accountants which is the disciplinary body. If the appellants have not been advised properly and in our understanding we find that she has been sufficiently taken for a ride and sundry in protracting this litigation for so long. Be that as it may, this is not a matter warranting interference with the order passed by the Board impugned in this appeal under sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... first respondent - company as submitted by Sri G.V. Rao, learned counsel appearing for the appellants. 3. The application, it appears was for the purpose of changing the Auditor by name C.R. Murali who had been appointed earlier by the very Company Law Board (for short the Board ) on 13-1-2006 and with the consent of the parties to look into the aspects of manner and management of funds of the company and as to whether the person in charge of the management had acted to the detriment of the other person etc. 4. The application itself was made in the pending company petition No. 41 of 2005 which is one under sections 397 and 398 of the Act by the person who claims to be the Managing Director figuring as first petitioner and her two ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shares held by him on a proper valuation, etc., the Board opined it was proper to dismiss the application. 6. It is because the second respondent also objected that the matter has already prolonged for quite sometime and with an element of possibility only to settle the matter as between the warring two shareholders and with the second respondent having offered to exit from the company if shareholding should be sufficiently compensated while the matter with regard to valuing the shares may have some significance and it is only for that purpose appointing another auditor was found not feasible by the Board and the application was dismissed. 7. It is aggrieved by this order, the present appeal. 8. Appearing for the appellants Sri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct and it is therefore, we reject this submission. 11. The professional misconduct is not a matter which normally the Board examines and neither this court examines any such sundry matters and professional misconduct of the chartered accountant is a matter for the Institute of Chartered Accountants which is the disciplinary body. If the appellants have not been advised properly and in our understanding we find that she has been sufficiently taken for a ride and sundry in protracting this litigation for so long. Be that as it may, this is not a matter warranting interference with the order passed by the Board impugned in this appeal under section 10F of the Act. 12. Accordingly, this appeal is dismissed. 13. With the dismissal of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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