https://www.taxtmi.com/caselaws?id=215026 Professional misconduct was upheld where the appellant's admitted role in operating bank accounts, arranging loans, signing cheques and handling paperwork showed substantial participation in the company's management rather than passive investment. The disciplinary record supported the finding that prior permission for such commercial engagement had not been obtained as required under the applicable regulations and schedule. The misconduct finding was sustained, but the sanction was treated as excessive in light of the long lapse of time since the 1987 conduct, and the period of removal from membership was reduced from six months to three months. en-us Wed, 10 Aug 2011 00:00:00 +0530 Tue, 05 Jun 2012 15:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215026 Professional misconduct was upheld where the appellant's admitted role in operating bank accounts, arranging loans, signing cheques and handling paperwork showed substantial participation in the company's management rather than passive investment. The disciplinary record supported the finding that prior permission for such commercial engagement had not been obtained as required under the applicable regulations and schedule. The misconduct finding was sustained, but the sanction was treated as excessive in light of the long lapse of time since the 1987 conduct, and the period of removal from membership was reduced from six months to three months. Case-Laws Indian Laws Wed, 10 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215026