9911796707
TMI Blog2019 (5) TMI 985X X X X Extracts X X X X X X X X Extracts X X X X ..... endency of that petition does not assist the petitioner in any manner as this Court has examined the petitioner s contention in this regard. Challenge to the SFIO report - HELD THAT:- Learned counsel appearing for the petitioner fairly states that the petitioner reserves its right to contest the same in an appropriate proceeding and this Court is not called upon to examine on the same. Petition dismissed. - W.P.(C) 5183/2019 - - - Dated:- 14-5-2019 - MR. VIBHU BAKHRU J. Petitioner Through: Mr. R. K. Singh and Ms. Deepa Rai, Advocates. Respondents Through: Ms. Maninder Acharya, ASG with Mr. Amit Mahajan, CGSC for UOI with Mr. Arjun Dua, Advocates for R-1 and R-2. Mr. Robin R. Davi, Mr. Dhiraj A. Philip and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. The petitioner is, essentially, aggrieved by the said report submitted by the SFIO as well as the disciplinary proceedings commenced by the Institute of Chartered Accountants of India (ICAI) pursuant to a complaint filed by the SFIO with the ICAI based on the aforesaid report. 5. In addition to filing a complaint before the ICAI, the SFIO has also filed a criminal complaint, wherein the petitioner has been arrayed as an accused. It is the petitioner s case that he was not complicit with the Management but is also a victim of the fraud perpetrated by the Management of RIC. 6. It is contended by the petitioner that he was not required to carry out investigation or conduct a forensic audit of RIC but was merely re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssed in that case, this Court has restrained any further action against the petitioners therein on the basis of the SFIO report. He submits that the petitioner s case be also treated at parity with the said case. 10. The contention that the disciplinary proceedings initiated by the ICAI ought to be stayed pending till a final decision is rendered in the criminal instituted against the petitioner is unpersuasive. The scope of examination in a criminal case instituted pursuant to the complaint filed by the SFIO and the disciplinary proceedings commenced by ICAI pursuant to the SFIO s complaint, are materially different. The ICAI is required to examine whether the conduct of the petitioner has measured up to the professional standards ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te that the petitioners therein contended that the liability, if any, is that of the statutory auditors and not that of the component auditors. This Court is refraining from making any observations regarding the said matter as the same is pending before this Court; but suffice it to state that the petitioner s case is not on identical footing as the case of the petitioners in that case. Even if it is assumed that the petitioner s case has some similarity, the pendency of that petition does not assist the petitioner in any manner as this Court has examined the petitioner s contention in this regard. 15. Insofar as the challenge to the SFIO report is concerned, learned counsel appearing for the petitioner fairly states that the petit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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