ICAI's Disciplinary Committee reduces period of removal of CA Guilty of Professional Misconduct [Read Order]:

ICAI's Disciplinary Committee reduces period of removal of CA Guilty of Professional Misconduct [Read Order] The Disciplinary Committee of ICAI has reduced the period of removal of Chartered Accountant (CA) Guilty of Professional Misconduct. 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 held CA. Shamit Tridash Majmudar (Membership No. 010595), M/s. Shamit Majmudar Associates, Chartered Accountants, 206, Janki Centre, Off Veera Desai Road, Andheri (West), MUMBAI 400 053, guilty of Professional Misconduct falling within the meaning of Item (4) of Part II of the 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. Shamit Tridash Majmudar (Membership No. 010595), from the Register of Members for a period of 03(Three) years and also imposed a fine of Rs. 1,00,000/-(One Lakh) only. In pursuance thereof 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, the name of CA. Shamit Tridash Majmudar (Membership No. 010595), was removed from the Register of Members for a period of 03(Three) years with effect from 3rd September, 2021. Aggrieved by the Order of the Disciplinary Committee, CA. Shamit Tridash Majmudar preferred an Appeal (no. 01/ICAI/2022) before the Appellate Authority under Section 22G of the Chartered Accountants Act, 1949 and the Appellate Authority by its order dated 5th November, 2023 reduced the period of removal of name from 03(Three) years to the period already undergone alongwith a fine of Rs. 1,00,000/(Rupees One Lakh only). In pursuance of the Order of the Appellate Authority, the notification dated 3rd September, 2021, stands modified to that extent.