2019 (5) TMI 985

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....directions in the nature of CERTIORARI quashing and setting aside the impugned Investigation Report No.SFIO/1NV/104/RBK/2012-2013 dated 07.05.2013 of the 2nd respondent-SFlO, insofar as they pertain to the petitioner (ANNEXURE-P/2); B. Issue appropriate writs/order/directions in the nature of CERTIORARI quashing and setting aside the impugned SFIO Complaint dated 29-04-2014 submitted to the ICAI (ANNEXURE-P/3); C. Issue appropriate writs/order/directions in the nature of CERTIORARI quashing and setting aside the impugned SCN issued by the ICAI dated August 2017 along with copy of opinion of the Director ICAI dated 11th May 2017, and the Notice of Enquiry dated 01-05-2019 (ANNEXURES-P/ 4 & P/1)." 3. The petitioner was a statutory audito....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....r states that the allegations made by the SFIO in a criminal case instituted against the petitioner and other persons are identical to the allegations made by the SFIO in its complaint to ICAI. In this context the petitioner prays that disciplinary proceedings before the ICAI be stayed till a final decision is rendered in a criminal case instituted by SFIO. 8. The learned counsel appearing for the petitioner also states that in another criminal case instituted on similar allegations, the petitioner has been arrayed as a witness and not an accused. He states that this clearly establishes that the petitioner is not complicit in the alleged fraud perpetrated by the Management RIC. 9. In addition to the above, learned counsel appearing for th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nary proceedings against the auditors commenced on more or less similar allegations as made in a criminal case, should be stayed pending a final decision in the criminal case. The Court held that the scope of the two proceedings are different. The Court had also noted that the violation of accounting standards cannot be gone into a criminal trial and the same is required to be examined by the ICAI. 13. In view of the above, the petitioner's contention that the disciplinary proceedings before ICAI are required to be stayed pending the decision in the criminal trial is unmerited and is, accordingly, rejected. 14. The contention that the controversy involved in Vikram Aggarwal &Anr. v. Union of India: W.P.(C) 3345/2014 is erroneous. In the s....