SUDHIR AGARWAL,J. - (1.) Heard Sri Vinod Swarup, counsel for petitioners, Sri Gaurav Mahajan, counsel for respondent and perused the records.
(2.) This is a reference received under section 21 (5) of Chartered Accountants Act, 1949 (hereinafter referred to as Act 1949") from the Institute of Chartered Accountants of India (hereinafter referred to as "ICAI") on the recommendations made by council of ICAI in its 268th meeting held from 30.4.2007 to 2.5.2007 at New Delhi, resolving to accept report of Disciplinary Committee and hold Sri Om Prakash Tulsyan, Fellow Chartered Accountant (hereinafter referred to as "the Respondent") (FCA (M. No.11165), of M/s O.P. Tulsyan and Company C21/88N, Kamla Kutir, Lahaurabir, Varanasi, guilty of professional misconduct falling within the meaning of "other misconduct" under Section 22 read with section 21 of Act, 1949 and recommending punishment of removal of his name from the Register of Members of ICAI for a period of one year.
(3.) Facts in brief are, that, respondent was working as an Auditor and Tax Consultant for M/s Rungta Irrigation Limited (hereinafter referred to as "RIL"). In March, 1995, Respondent approached Sri Mangi Lal Agarwal and Smt. Parwati Agarwal (hereinafter referred to as "complainants) who were NRIs in USA, with a proposal to invest in Initial Public Offerings (in short IPOs) of RIL. Complainants invested a sum of Rs. 4,52,94,000/in the shares of RIL through their Overseas Corporate Body (OCB), i.e M/s Durga Finance Limited ( hereinafter referred as "DFL"). RIL did not deliver shares to the complainants. Respondent forged papers and indulged in other un professional activities, possibly in collusion with RIL and some other persons.;