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of <h1>Professional Misconduct Results in Removal of Member from List for One Year</h1> <h3>Council of Institute of Chartered Accountants of India Versus Praveen Kumar Katyal, FCA</h3> Council of Institute of Chartered Accountants of India Versus Praveen Kumar Katyal, FCA - TMI Issues:Professional misconduct and other misconduct allegations against respondent Praveen Kumar Katyal leading to a disciplinary inquiry by the Council of Institute of Chartered Accountants of India.Detailed Analysis:1. The Council initiated a disciplinary inquiry against respondent Praveen Kumar Katyal based on complaints of professional misconduct. The Disciplinary Committee found him guilty of professional misconduct under Clause 11 of Part-I of the First Schedule and other misconducts under the Chartered Accountants Act, 1949. The Council removed him from the List of Members for three months on the first count and recommended a one-year removal for the second count. The respondent challenged the veracity of the report and decision, alleging lack of proper opportunity for cross-examination.2. The allegations against the respondent included advising a client to invest in his company at a higher return, bouncing cheques due to insufficient funds, and running various companies from his office, violating professional conduct norms. The respondent admitted to being a director of these companies and actively involved in their operations, contradicting his denial of any role in those companies.3. The respondent failed to file written submissions or appear before the court during the final hearing. The court disposed of the reference after waiting for his submissions. The inquiry was based on a complaint by a client whose investments with the respondent's company led to financial losses due to bounced cheques and delayed tax filings.4. The Disciplinary Committee followed due procedure, providing the respondent with opportunities to present his case and defend himself. The respondent's failure to rebut the allegations and lack of evidence led to the Committee's findings of guilt. The respondent's claim of not being given a chance to cross-examine the complainant was considered belated and without merit.5. The court upheld the findings of the Disciplinary Committee and the Council, concluding that the respondent's actions constituted professional misconduct and other misconduct under the Act. The punishment of removal from the List of Members for one year was deemed appropriate considering the gravity of the misconduct. The court approved the Council's recommendation for the respondent's removal.In conclusion, the court approved the removal of respondent Praveen Kumar Katyal from the List of Members for one year based on the findings of professional misconduct and other misconduct following a disciplinary inquiry conducted by the Council.
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