New Delhi, Nov 26 (KNN) If a Chartered Accountant (CA) is found guilty of any misconduct that brings disrepute to the profession, they can lose their jobs. They can even be penalized with removal of their name from the rolls, among other disciplinary actions, a Supreme Court (SC) order has observed while hearing an appeal by the Council of the Institute of Chartered Accountants of India.

According to a media report, the court noted that proceedings could be started against an accountant even if his acts are not related to his professional work.

The SC bench comprising justices Rohinton Fali Nariman and Navin Sinha rejected the appeal to remove a chartered accountant from its rolls for a period of six months.

The disciplinary committee of the council had found actions of Gurvinder Singh (the CA in the dock) derogatory in nature and highly unbecoming of his position.

It held Singh guilty of ‘other misconduct’ under Section 22 read with Section 21 of the Chartered Accountants Act, 1949.

The Council had initiated proceedings against the accounting professional after receiving a complaint related to sale of 100 shares in 1999, which were transferred to his own name.

The Supreme Court has set aside the High Court order and remanded the matter to the lower court to decide it afresh.

This, it was entitled to do under Schedule I Part-IV sub-clause (2) if, in the opinion of the council, such act brings disrepute to the profession whether or not related to his professional work.

“This being the case, it is clear that the impugned judgment is incorrect and must, therefore, be set aside. We thus remand the matter to the High Court to be decided afresh leaving all contentions open to both parties,” the Supreme Court order said.