Misstatements, concealments, and failure to report statutory violations in financial statements of Icore Group Companies.
The Institute of Chartered Accountants of India’s Disciplinary Committee (Bench-I, 2024-2025) issued an order concerning CA. Ramesh Kumar Maheshwari, following a complaint from the Serious Fraud Investigation Office. The Committee found Mr. Maheshwari guilty of professional misconduct under specific items of Part I of the Second Schedule to the Chartered Accountants Act, 1949. During a hearing on April 2, 2024, Mr. Maheshwari stated that his audit was based on the facts presented to him and that the company had concealed information regarding deposit collection. After reviewing his verbal submissions and other evidence, the Committee upheld the finding of professional misconduct. As a result, the Committee ordered the removal of CA. Ramesh Kumar Maheshwari’s name from the Register of Members for three months and imposed a fine of Rs. 1,00,000/-. This fine must be paid within 90 days of receiving the order. Failure to pay within the stipulated period will result in an additional one-month removal from the Register of Members.
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
(Set up by an Act of Parliament)
[DISCIPLINARY COMMITTEE [BENCH-I (2024-2025)]
[Constituted under Section 21B of the Chartered Accountants Act, 1949]
ORDER UNDER SECTION 21B(3) OF THE CHARTERED ACCOUNTANTS ACT, 1949 READ WITH RULE 19(1) OF THE CHARTERED ACCOUNTANTS (PROCEDURE OF INVESTIGATIONS OF PROFESSIONAL AND OTHER MISCONDUCT AND CONDUCT OF CASES) RULES, 2007.
[PR/235/2016/DD/261/2016/DC/1578/2022]
In the matter of: –
Serious Fraud Investigation Office,
…..Complainant
-Vs-
CA. Ramesh Kumar Maheshwari
M/s. Maheshwari K R & Co.
Chartered Accountant…..Respondent
MEMBERS PRESENT: –
CA. Charanjot Singh Nanda, Presiding Officer
Shri Jugal Kishore Mohapatra, IAS (Retd.) (Government Nominee)
CA. Chandrashekhar Vasant Chitale, Member
Date of Hearing : 2nd April 2024
Date of Order : 26.06.2024
1. That vide findings under Rule 18(17) of the Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007, the Disciplinary Committee noted that CA. Ramesh Kumar Maheshwari,(hereinafter referred to as the Respondent”) was held GUILTY of professional misconduct falling within the meaning of Item (5), (6), (7) & (8) of Part I of Second Schedule to the Chartered Accountants Act, 1949.
2. That pursuant to the said findings, an action under Section 216(3) of the Chartered Accountants (Amendment) Act, 2006 was contemplated against the Respondent and communication was addressed to him thereby granting opportunity of being heard in person / through video conferencing and to make written & verbal representation before the Committee on 2nd April 2024.
3. The Committee noted that on the date of the hearing held on 2ndApril 2024, the Respondent was present through video conferencing, and he made his verbal submission on the findings of the Disciplinary Committee.
4. In his verbal submission the Respondent inter alia stated that they have done the audit on the basis of facts that have been produced before them. He further submitted that the Company has suppressed the facts regarding collection of deposit.
5. The Committee considered the reasoning as contained in the findings holding the Respondent Guilty of professional misconduct vis-a-vis verbal submissions of the Respondent.
6. Keeping in view the facts and circumstances of the case, material on record including verbal submissions of the Respondent on the findings of the Committee, the Committee is of the view that the professional misconduct on the part of the Respondent is established. Accordingly, the Committee ordered that the name of Respondent i.e., CA. Ramesh Kumar Maheshwari be removed from the Register of members for a period of three months and a fine of Rs. 1,00,000/- (Rupees One Lakh only) be imposed upon the Respondent to be paid within 90 days of receipt of the Order. If the Respondent fails to pay the fine within the stipulated period, his name be removed from the Register of Member for an additional period of one month.
Sd/-
(CA. CHARANJOT SINGH NANDA)
(PRESIDING OFFICER)
Sd/-
(SHRI JUGAL KISHORE MOHAPATARA),
I.A.S. (RETD.), (GOVERNMENT NOMINEE)
Sd/-
CHANDRASHEKHAR VASANT CHITALE
(MEMBER)
Place : 26.06.2024
Date : New Delhi
