9911796707
TMI Blog2023 (8) TMI 983X X X X Extracts X X X X X X X X Extracts X X X X ..... not accused of indulging in violative transactions or Respondent was responsible or liable for the alleged losses of CBMF or Respondent indulged in direct or indirect lending or underwriting etc. Nothing has been brought to our notice that Respondent had committed any similar offence earlier or later, in view of the fact that the matter relates to Financial Year 1991-1992. Almost 21 years have passed since the report was received from the Disciplinary Committee. The information relates to Financial Year 1991-92 and the Institute received it in 1995. The fact that the pendency of this Reference itself would have been like the proverbial Damocles sword hanging over the head of Respondent for about 30 years and in view of the fact that Mr. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... referred to as firm) on 12th December 1995. The Disciplinary Committee prepared a report on 3rd February 2002. In the mean while, Respondent No.1 Mr. D D. Shah had retired on 31st March 1996. 2. Relying on the Disciplinary Committee report, Council of the Institute of Chartered Accountants of India (New Delhi) (Council) accepted the report of the Disciplinary Committee and directed this Reference be filed. The Council has recommended that Respondents be removed from the register of members for a period of six months. Reference was lodged on 9th December 2003 and was registered on 10th December 2003. 3. As recorded in the order dated 28th September 2022, the reference against Respondent No.1 Mr. D. D. Shah has abated since Mr. Shah ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etc. as per RBI circulars and as statutory auditors Respondents have failed to report these violative transactions. 5. Counsel of the Institute is unable to make any statement on the status of any criminal prosecution that might have been instituted against Respondents. For that matter whether Mr. Salivati was ever accused in any of the proceedings is not clear. 6. Mr. Mehta states that Respondent No.2 retired on 31st March 2016 and surrendered the certificate of practice and requested for cancellation to the Institute on or about 19th / 20th June 2017. Institute has also cancelled his certificate of practice, w.e.f., 20th June 2017. Mr. Mehta states that Respondent will not apply ever again for Certificate of Practice to the Inst ..... X X X X Extracts X X X X X X X X Extracts X X X X
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