2007 (5) TMI 696

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....nary process. Accordingly, he was served by substituted service through publication in the newspaper "STATESMAN" (New Delhi Edition). On 29th March, 2007 despite service by publication, Respondent No. 1 did not put in appearance. Accordingly, by an order dated 19th April, 2007, it was directed that Respondent No. 1 be proceeded against ex-parte. 3. Today also, there is no appearance on behalf of Respondent No. 1. 4. The following allegations were made against Respondent No. 1 by Ashok Kumar, Superintendent of Police, CBI. i) The Respondent No. 1 remained instrumental in getting a loan of Rs. 49.8 lakhs sanctioned from Union Bank of India, Zonal Office, New Delhi in 1989 in favor of M/s S.K. Trading Co. 9642/12, Sadar Thana Ro....

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....ement on 5th November, 1992. The complainant filed a rejoinder thereto and after exchange of documents the matter was considered by the Council of the Institute of Chartered Accountants of India and it was held that a prima facie case was made out against Respondent No. 1 which was required to be looked into by the Disciplinary Committee of the Council. 7. The matter was taken up by the Disciplinary Committee of the Council and it submitted its report dated 16th January, 1999. A copy of the report of the Disciplinary Committee was supplied to the complainant as well as to Respondent No. 1. While the complainant did not give any written submissions on the report of the Disciplinary Committee, Respondent No. 1 gave his written submissions.....

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....paper formalities perhaps at the behest of Respondent No. 1 or at least on the basis of his certificate for disbursement of the loan. The activity of Respondent No. 1 in issuing such a vague certificate with the intention of persuading the bank to grant his client a loan amounts to "other misconduct" within the meaning of the Act read with the Regulations framed there under. We agree with this conclusion. 13. The lack of responsibility displayed by Respondent No. 1 clearly shows that he had acted in a manner unbecoming of a Chartered Accountant and, Therefore, the Council rightly recommended removal of his name from the register of members for a period of one month. 14. We have examined the issue whether the punishment is too harsh bu....