KARNAVATI COOPERATIVE BANK LIMITED Vs. DISCIPLINARY COMMITTEE

JUDGEMENT

(1.) The writ-applicant herein is a Cooperative Bank and the present writ-application is instituted through its Vice President challenging the order passed by the respondent No.1 - Disciplinary Committee constituted under Sec. 21B of the Chartered Accountants (Amendment) Act, 1949. The writ- applicant Bank herein was the complainant before the institute of Chartered Accountants of India (ICAI) to the effect that the respondent No.3 herein was appointed as Concurrent Auditor of the writ-applicant Bank since 2004-05. During financial year 2007-08 and 2008-09 the respondent No.3 as stated by the writ-applicant herein in the complaint dtd. 10/6/2013 without actual verification of cash, gave a clean report for number of months and due to aforesaid action of the respondent No.3, cashier of the writ-applicant Bank misappropriated cash to the tune of Rs.43,00,000.00. On the basis of aforesaid complaint at the instance of the writ-applicant Bank herein the respondent No.2 conducted an inquiry, prima facie opinion dtd. 1/8/2015 was formed looking into various documents that the respondent No.3 was guilty of professional and other misconducts falling within the meaning of Clause (7) of Part-I of the Second Schedule of the Chartered Accountants Act, 1949.

(2.) The respondent No.1 herein passed the impugned order dtd. 23/12/2019 whereby Respondent No.3 herein was held to be not guilty of Professional and any other misconduct and the same has resulted in filing of the present writ-application at the instance of the original complainant i.e. the writ-applicant Bank being aggrieved by the impugned order dtd. 23/12/2019 passed by the respondent No.1 herein praying for the following reliefs :-

(3.) Heard Mr. M. B. Gandhi, the learned Senior Counsel assisted by Mr. Chinmay Gandhi, the learned advocate appearing for the writ-applicant Bank and Ms. Dharmishta Raval, the learned advocate appearing for appearing for the respondents No.1 and 2. Submissions on behalf of the writ-applicant :-