Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: TDS :: cpt :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: form 3cd :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: empanelment :: VAT RATES
ę News Headlines »
  10 incomes you need not pay any tax on
 How To File Income Tax Returns In Three Steps By March 31, 2018
 10 things about income tax every taxpayer should know
 What to do if your TDS is not deposited with the government
 What if you forget to verify your Income Tax return?
 TDS on rent and other tax tasks to complete before March 31
 5 income tax changes which will come into effect from April 1, 2018
 Why you shouldn't be a last-minute tax filer
 How to calculate income tax for this assessment year on Moneycontrol
 6 Tax notices you may get and how to cope with them Income Tax Notice
 Deadline to pay advance tax ends tomorrow: Here is a step-by-step guide

On ICAI findings, BhSE decides to seek legal opinion
December, 18th 2010

The Board of Directors of Bhubaneswar Stock Exchange (BhSE) has decided to seek legal opinion on moving the Orissa High Court against the decision of the Institute of Chartered Accountants of India (ICAI) to exonerate the former auditor of the bourse from all charges of professional misconduct.

The decision was taken at a recent meeting of the BhSE. The Memorandum forming part of the Agenda of the BhSE board meeting pointed out that the survival of the bourse is threatened by Rs 1 crore loss arising out of the failure of the former auditor Gokul Chandra Das of M/s G C Das & Co to report the irregularities on the loan transaction to Members Welfare Trust and housing loan to executive director in contravention and violation of the provisions of the relevant statutes.

Referring to the findings of the Council of ICAI, which exonerated the auditor holding him not guilty of professional misconduct, the Memorandum said, if BhSE does not move the High Court against the findings of the ICAI Council, it would have far reaching consequence on the functioning of the bourse and amount to granting undue advantage to the former auditor.

Earlier the disciplinary committee of ICAI had found Das guilty of gross negligence and professional misconduct under Clause (5), (6), (7) and (9) of the Part I of the Second Schedule to the Chartered Accountants Act, 1949 and referred its report to Council, the apex body of ICAI, for consideration.

However, the findings of the ICAI Council holding Das not guilty after he was adjudged guilty of misconduct by the disciplinary committee of the same body, is bit surprising. So to get justice and fulfill the demand of the members of BhSE, the bourse should move the High Court against the ICAI Councils verdict, said an official of BhSE.

It may be noted, based on the complaints by the Members of Parliament and nominee of Securities and Exchange Board of India (SEBI) in the management committee of BhSE and other quarters, SEBI had superceded the earlier management of BhSE in 2003 after conducting an inquiry into the illegal siphoning of the funds out of BhSE through Member Welfare Trust (MWT) by way of loan.

SEBI in its inquiry report held the former directors and officials guilty of illegal siphoning of funds and directed BhSE to initiate criminal proceedings against the culprits.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

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