CA held guilty of Misconduct for failure to exercise due diligence

1. This Appeal has been filed by the Appellant before this Authority against the Order dated 7^th November, 2017 passed by the Disciplinary Committee (Bench-I) of the Institute of Chartered Accountants of India under Section 21B (3) of the Chartered Accountants Act, 1949 read with Rule 19 (1) of the Chartered Accountants (Procedure of Investigation of Professional and Other misconduct and Conduct of Cases) Rules, 2007, consequent upon a Report of the Disciplinary Committee dated 6^th February, 2017, wherein the Appellant was held guilty under Clauses (7) and (8) of Part-I of the Second Schedule to the Act, whereby, the Appellant has been awarded the punishment of Reprimand and also imposed fine of Rs.50,000/- (Rupees Fifty Thousand Only) upon him to be paid within a period of 30 days from the date of receipt of the Impugned Order. The said Clauses (7) & (8) of Part-I of the Second Schedule of the Act reads as under:

“Second Schedule:-

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