Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: due date for vat payment :: ACCOUNTING STANDARD :: VAT RATES :: cpt :: empanelment :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: form 3cd :: VAT Audit
 
 
« News Headlines »
 How to link your Aadhaar and PAN details to file income-tax returns
 How to calculate capital gains tax on property sold at less than stamp value?
 Return Filing - Under GST, this is how you will file tax returns from July 1
 Income tax filing FAQs part 1
 Filing Income Tax Returns? Things To Keep In Mind As Deadline Approaches
 Filing of online return for 4th quarter of 2016-17- extension of period thereof.
 New tax accounting standards may reduce leeway for infrastructure companies
 GST – CONCEPT & STATUS – As on 01st May, 2017
 Govt extends VAT deadline, relief for developers
 Income Tax Appellate Tribunal Rules, 2017
 Got your Form 16? You should file income tax returns early to enjoy benefits

Court upholds ICAI decision to bar auditor from practising
October, 07th 2011

The Delhi High Court has upheld the decision of the Institute of Chartered Accountants of India (ICAI) to bar an auditor for Global Trust Bank (GTB) from practising accountancy for five years, according to the national professional accounting body.

It was last year that the capital-headquartered ICAI decided to blacklist P Ramakrishna after the institutes disciplinary committee found that him guilty of professional misconduct as auditor for the troubled GTB during 2000-01. That was when the 1993-formed bank was on the verge of collapse due to reckless lending.
 
Soon after, a single bench of the High Court had quashed the ICAI order. Ramakrishna had argued that the ICAI had not followed its laid down procedures while conducting the disciplinary proceedings against him.

The 1949-formed institute then appealed against the single-bench decision before the division bench of the High Court. Its verdict, upholding the institutes position, came on September 30, according to ICAI president G Ramaswamy.

Ramakrishna had argued that we conducted the inquiry under old disciplinary norms. He wanted it to be carried out afresh following the new norms, Ramaswamy said.

The court has upheld our view and said the changes in the amended norms were only meant to fine-tune certain technical issues.

The bench noted that it could not be a reason to turn our inquiry invalid, he told Business Standard.

The court has now clarified that the procedure prescribed by the unamended Chartered Accountants Act, 1949, that is Sections 21, 22 and 22A would be applicable to all pending proceedings in information case and not the procedure prescribed after the amendment made by the Chartered Accountants (Amendment) Act, 2006, he explained.

ICAI can initiate inquiry against an accused on the basis of information or complaint. An inquiry that was initiated against Ramakrishna was on the basis of information and not complaint. Ramakrishna was associated with Lovelock & Lewes, a network-affiliate of PricewaterhouseCoopers, when he audited accounts of GTB promoted by Ramesh Geli, the first banking executive to have received a Padma award.

The banks networth was wiped off due to accumulated losses to the tune of Rs 265 crore as of March, 2003. If the bank had made provisions for the entire gross non-performing assets of Rs 916 crore, the accumulated loss would have escalated to Rs 552 crore.

As the management failed to infuse capital in GTB, the RBI placed a moratorium on the banks operations on July 24, 2004, to protect the depositors interest. On July 26 that year, RBI announced the merger of GTB with Delhi-based public sector lender Oriental Bank of Commerce.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Organic SEO Outsourcing Organic Search Engine Optimization Outsourcing Organic Website SEO Organic SEO India Website SEO India Organic Search Engine Optimization India Organic Internet SEO India Organic Web

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions