ICAI Disciplinary Committee decision in breach of natural justice is invalid

In October 2007, Disciplinary proceedings were initiated against two partners of M/s Pricewaterhouse (PWC) for alleged professional and other misconduct in conducting the statutory audit of Global Trust Bank. The proceedings were based on the findings in the Special Audit report and the Annual Financial Inspection of the RBI. Though several hearings were conducted by the Disciplinary Committee, no progress was made. On 23rd March, 2009, the hearing was held before a newly constituted Disciplinary Committee. The new Committee decided to hold de novo hearing. In that proceeding, the accused audi...