ICAI Revises Disciplinary Penalty: Permanent Ban Reduced to 10 Years

In terms of the provisions of Section 21B(3) of the Chartered Accountants Act, 1949 read with Rule 18(17) of the Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007, the Disciplinary Committee has held CA. Srinivas Talluri (Membership No. 029864), Flat No. 4B, Macherla Apartments, 6-3-1218/6, Umanagar, Begumpet, HYDERABAD 500016 (Telangana), guilty of Professional Misconduct falling within the meaning of Clauses (5), (6), (7), (8) and (9) of Part I of Second Schedule to the aforesaid Act and consequently after affording an opportunity of being heard in terms of Rule 19(1) of the aforesaid Rules, ordered for removal of name of CA. Srinivas Talluri (Membership No. 029864) permanently from the Register of Members and also imposed a Fine of Rs. 5,00,000/-(Rupees Five Lakhs only) to be paid within 30 (Thirty) days.

Aggrieved by the Order of the Disciplinary Committee the Respondent filed an appeal no 01/ICAI/2014 before the Appellate Authority under Section 22G of the aforesaid Act.

Since the Appellate Authority was not functional at the relevant time, he also filed a Writ Petition WP(C) 2712/2014 before the Hon’ble High Court of Delhi in which The Hon’ble High Court vide order dated 30th April, 2014 granted interim stay till the disposal of Appeal by the Appellate Authority.

Subsequently, the Appellate Authority after hearing the parties vide its Order dated 25th March, 2025 reduced the period of removal from permanent to 10 years.

In pursuance of the aforesaid Order and in exercise of the powers conferred by sub-section (2) of Section 20 of the aforesaid Act read with Regulation 18 of the Chartered Accountants Regulations, 1988, it is hereby notified that the name of CA. Srinivas Talluri (Membership No. 029864), shall stand removed from the Register of Members for a period of 10 (Ten) years with effect from 3rd June, 2025.