- (1.) This reference has been filed under Section 21(5) of the Chartered Accountants Act, 1949 (hereinafter called the 'Act' for short) in respect of R.L. Narula, Chartered Accountant. The facts of the case are that R.L. Narula, Chartered Accountant, failed to pay stipend due to his articled clerk, Neeraj Kumar Jain, as required by Regulation 32-B of the Chartered Accountants Regulations, 1964 (hereinafter called the 'Regulations' for brevity). The Council of the Institute of Chartered Accountants of India, upon enquiry, came to the conclusion that the respondent was guilty of professional misconduct and, accordingly, referred the case to the Disciplinary Committee.
(2.) The Disciplinary Committee, after hearing the parties and recording evidence, came to the conclusion that the respondent had violated the provision of Regulation 32B of the Regulations within the meaning of Sections 21 and 22 of the Act read with clause (1) of part II of the Second Schedule to the Act.
(3.) Considering the report of the Disciplinary Committee, the Council of the Institute gave its finding and recommended that the name of the respondent be removed from the register of Members for a period of 15 days.;