The Institute of Chartered Accountants of India’s Disciplinary Committee (Bench-I, 2024-2025) issued an order regarding CA. Pawan Kumar Agrawal. Following findings under Rule 18(17) of the Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007, Mr. Agrawal was found guilty of professional misconduct under specific items of Part I of the First Schedule to the Chartered Accountants Act, 1949.
CA Pawan Kumar Agrawal, was found guilty of misconduct for forming partnerships with unqualified persons, conducting business inconsistent with his professional status, and participating in tenders and internal audits for subsidiaries of major firms without proper disclosure.
A hearing was conducted on April 2, 2024, where Mr. Agrawal made verbal submissions, requesting leniency, in addition to his written submission. After reviewing all materials and submissions, the Committee confirmed the professional misconduct. Consequently, a fine of Rs. 25,000/- was imposed on CA. Pawan Kumar Agrawal, payable within 90 days. Failure to pay the fine within this period will result in the removal of his name from the Register of Members for thirty days.
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/421/2018/DD/46/2019/DC/1534/2022]
In the matter of: –
CA. Pawan Kumar Jain,
…..Complainant
-Vs-
CA. Pawan Kumar Agrawal,
M/s. Agrawal Jain and Bardia,
Chartered Accountants,……Respondent
MEMBERS PRESENT: –
CA. Charanjot Singh Nanda, Presiding Officer
Shri Jugal Kishore Mohapatra, IAS (Retd.) (Government Nominee
CA. Chandrashekhar Vasant Chitale, Member
CA. Gyan Chandra Misra, Member
Date of Hearing : 2 nd 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. Pawan Kumar Agrawal (hereinafter referred to as the Respondent”) was held GUILTY of professional misconduct falling within the meaning of Item (4) (8 & (11) of Part I of First 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 2ndApril 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 he has already given his written submission and requested bench to be lenient on him.
5. The Committee considered the reasoning as contained in the findings holding the Respondent Guilty of professional misconduct vis-a-vis verbal/ written submissions of the Respondent.
6. Keeping in view the facts and circumstances of the case, material on record including verbal & written submissions of the Respondent, the Committee is of the view that professional misconduct on the part of the Respondent is established. Accordingly, the Committee ordered that a fine of Rs. 25,000/- (Rupees Twenty-five Thousand only) be imposed upon the Respondent i.e. CA. Pawan Kumar Agrawal 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 a period of thirty days.
Sd/-
(CA. CHARANJOT SINGH NANDA)
(PRESIDING OFFICER)
Sd/-
(SHRI JUGAL KISHORE
MOHAPATARA), I.A.$. (RETD.),
(GOVERNMENT NOMINEE)
Sd/-
(CA. CHANDRASHEKHAR VASANT
CHITALE)
(MEMBER)
Sd/-
(CA. GYAN CHANDRA MISRA)
(MEMBER)
DATE:26.06.2024
PLACE: New Delhi
