2016 (8) TMI 825

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....red Accountant by profession, sold 100 shares of Aban Lyod Chiles Offshore Ltd. to him in November 1999 but he lodged the transfer deed for transfer of the shares on November 04, 2004. In the interregnum, respondent No.1 continued to receive dividends and in July 2004 obtained duplicate share certificates in his name by misrepresenting that the original share certificates were lost. The complainant made good his complaint before the Disciplinary Committee of the Institute of Chartered Accountants. The respondent No.1 claimed not to have sold any shares to the complainant but settled the dispute with the complainant by agreeing that the owner of the shares would be the complainant. 3. The view taken by the Disciplinary Committee is that t....

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.... power conferred or duty cast on the Council under sub-Section (1) of Section 21 to inquire into the conduct of any member of the Institute under any other circumstances." 7. Part I of the First Schedule enumerates conducts deemed to be professional misconduct. The use of the word 'deemed' in Part I of the First Schedule would make it clear that the professional misconducts enumerated therein are inclusive i.e. the ones enumerated in the Schedule would be deemed to be professional misconducts. Sub-Section (1) of Section 21 reads as under:- "(1) Where on receipt of information by, or for a complaint made to the Council is prima facie of opinion that any member of the Institute has been guilty of any professional or other misconduct, th....

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....vices involving the auditing or verification of financial transactions, books, accounts or records, or the preparation, verification or certification of financial accounting and related statements or holds himself out to the public as an accountant; or (iii) renders professional services or assistance in or about matters of principle or detail relating to accounting procedure or the recording, presentation or certification of financial facts or data; or (iv) renders such other services as, in the opinion of the Council, are or may be rendered by a chartered accountant and the words "to be in practice" with their grammatical variations and cognate expressions shall be construed accordingly." 11. In dealing with the question it assum....