ICAI obliged to specify reasons for closure of misconduct case to Complainant

Trideep Raj Bhandari Vs ICAI (Delhi High Court) Conclusion: ICAI was under an obligation to provide reasons to the complainant for its prima facie conclusion of the Chartered Accountant being member not guilty of any misconduct on the complaint made by a Complainant. Held: Assessee had invested in the shares of a company named First Leasing Company of India Limited. RBI observed that an inspection of the Company had revealed that the company had been falsifying its books of accounts and other financial statements over several years, thereby portraying a positive net worth. RBI issued a Press R...