Bhaskar Bhattacharya, J. - (1.) This is a reference under section 21(5) of the Chartered Accountants Act, 1949 (hereinafter referred to as the Act) at the instance of the Council of the Institute of Chartered Accountants of India ("Institute") thereby praying for approval of the recommendation of removal of the respondent from the role of Chartered Accountants for three months on the ground of misconduct of the respondent.
(2.) The facts giving rise to filing of this reference application may be summed up thus: (a) On 5th May, 2000 the Institute received a complaint from the Bank of Baroda against the respondent alleging that the respondent had misappropriated the fund of one of his clients, namely, Shankarlal Saha through fraudulently opening a joint account in Bank of Baroda. (b) On 11th January, 2001 the complaint was forwarded to the respondent under Regulation 12(6) of the Chartered Accountant Regulations with a request to send his written statement within 14 days. No written statement having been filed, on 18th February, 2001 a reminder was given to the respondent for filing written statement. (c) Since no written statement was filed under the Regulation 12(11) of the Chartered Accountant Regulations, the complaint was considered by the "Institute" and a prima facie opinion had been formed and consequently, the matter was referred to the disciplinary committee for enquiry and notice was sent to the parties to appear before the disciplinary committee. (d) On 13th August, 2003, the disciplinary committee examined the complainant and the respondent was given opportunity to file his written statement. Ultimately, on 24th August, 2003 the committee received the documents and written statement from the respondent. (e) Before the disciplinary authority, Shankarlal Saha filed his statement regarding the civil and criminal cases pending against the respondent and ultimately, on 4th February, 2004 the committee filed its report to the "Institute" holding that the respondent was guilty of professional misconduct within the meaning of clause 10 of Part I of Second Schedule and other misconduct under section 22 read with section 21 of the Chartered Accountants Act, 1949. (f) On 4th June, 2004, the report of the disciplinary committee was forwarded to all the parties and they were requested to send written representation, if any. The parties were informed that the "Institute" would consider the matter at its meeting to be held on 24th and 26th June, 2004 and requested them to send their written representations, if any. (g) Thereafter, on 17th June, 2004, the respondent submitted his written statement but no submission was made regarding opening of the joint account No.7831. The "Institute" further informed the parties that the Council would consider the case on 22nd July, 2004 and also informed that if the parties wanted to be present in person or through authorised agent for submission, they might do so. Ultimately, the Council after considering the oral submission of the respondent decided to recommend to the High Court that the name of the respondent should be removed from the register of members for a period of three months.
(3.) The respondent appeared before us in person and submitted that he had no submission to make and he was prepared to accept the recommendation of the "Institute".;