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Chartered Accountant

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The assets and bank account of the chartered accountant are taken over by ED

The assets and bank account of the chartered accountant are taken over by ED

59 immovable and movable properties, including 53 plots, commercial shops, industrial plots, agricultural land, located in Delhi, Noida, Sonepat (Haryana), Jalandhar, and Hyderabad, as well as balances in bank accounts with a value of Rs. 28.67 crore belonging to Sunil Dhupar, a former chartered accountant and statutory auditor of M/s Shakti Bhog Foods Ltd (SBFL) and his family members/companies,

The FIR filed by the CBI against M/s Shakti Bhog Foods Limited and others for criminal conspiracy, defrauding, and criminal misconduct leading to a bank fraud of Rs. 3269.42 Crore served as the basis for the ED’s money laundering probe. Without engaging in any actual commercial operations, Shakti Bhog Foods Limited used phoney sale-purchase bills from shell firms managed and controlled by Devender Kumar and other entry operators to syphon off loan monies and fictitiously increase the revenue of SBFL Group companies.

In a previous investigation of this case, the ED searched several locations, and six people—Kewal Krishan Kumar, CMD of SBFL, Siddharth Kumar, Director of SBFL, Tarun Kumar, VP (Purchase) of SBFL, Raman Bhuraria, CA of SBFL, Ashok Kumar Goel, and Devki Nandan Garg, both entry operators—were detained as a result. Three people—Siddharth Kumar, Tarun Kumar, and Ashok Kumar Goel—are currently being held in judicial custody. The Honourable Special Court has received one complaint from the prosecution and three supplemental complaints against each of the defendants, and the Honourable Court has taken cognizance of the offence against the defendants.Prior to this, the ED had attached a number of the accused’s movable and immovable properties, as well as those of other organisations, with a book value exceeding Rs. 100.44 crore. The current total attachment in this case is Rs. 129.11 Crore.

Further research is now being conducted.

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CAs are allowed to appear in front of the GST authorities.

CAs are allowed to appear in front of the GST authorities.

Following a meeting between the Chartered Accountants of Gorakhpur and the DM and Commissioner, the GST Addl Commissioner of Gorakhpur issued a clarification that CAs are authorised to appear before GST authorities.

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ICAI removes name of 4 CA members for from Register of Members

ICAI removes name of 4 CA members for from Register of Members

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

(Set up by an Act of Parliament)

NOTIFICATION

New Delhi, the 4th February, 2022

1. No. PPR/P/052/18/DD/12/ INF/19/DC/1355/2020.— In terms of the provisions of Section 21B(3) of the Chartered Accountants Act, 1949 read with Rules 18(17) and 19(1) of the Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007, the Disciplinary Committee has held CA. Anand Mallikarjun Ukamanal (Membership No. 130139), S/o Mr. M G Ukamanal, Ashok Building, Behind S S Temple, VIJAYAPURA 586 101, guilty of Professional Misconduct falling within the meaning of Items (5),(6),(7) & (8) of Part I of Second Schedule to the aforesaid Act and consequently ordered for removal of name of CA. Anand Mallikarjun Ukamanal (Membership No. 130139) from the Register of Members for a period of 02(Two) years and also imposed a fine of Rs. 50,000/-(Rupees Fifty Thousand only) to be paid within 3 (three) months and in case of default in payment of fine within stipulated time his name be removed for additional 1(one) month. Since the Respondent has already paid the imposed fine within stipulated time, in pursuance of the aforesaid Order of the Disciplinary Committee and in exercise of the powers conferred by sub-section (2) of Section 20 of the aforesaid Act, read with Regulation 18 of the Chartered Accountants Regulations, 1988, it is hereby notified that the name of said CA. Anand Mallikarjun Ukamanal (Membership No. 130139), shall stand removed from the Register of Members for a period of 02(Two) years with effect from 4th February, 2022.

2. No. PR/22/16-DD/88/16/DC/1018/2019.—In terms of the provisions of Section 21B(3) of the Chartered Accountants Act, 1949 read with Rules 18(17) and 19(1) of the Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007, the Disciplinary Committee has held CA. N Basker (Membership No. 207226), No. 5, II Cross, Maravaneri, SALEM 636 007, guilty of Professional Misconduct falling within the meaning of Clauses (6) and (7) of Part I of Second Schedule to the aforesaid Act and consequently ordered for removal of name of CA. N Basker (Membership No. 207226) from the Register of Members for a period of 01(One) month and also imposed a fine of Rs. 25,000/-(Rupees Twenty Five Thousand only) to be paid within a period of 3 (three) months and in case of default in payment of fine within stipulated time, his name be removed for additional period of 1(one) month. Since the Respondent has already paid the imposed fine within stipulated time, in pursuance of the aforesaid Order of the Disciplinary Committee and in exercise of the powers conferred by sub-section (2) of Section 20 of the aforesaid Act, read with Regulation 18 of the Chartered Accountants Regulations 1988, it is hereby notified that the name of CA. N Basker (Membership No. 207226) shall stand removed from the Register of Members for a period of 01(One) month with effect from 4th February, 2022.

3. No. PR/219/17-DD/216/17/DC/995/2019.—In terms of the provisions of Section 21B(3) of the Chartered Accountants Act, 1949 read with Rules 18(17) and 19(1) of the Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007, the Disciplinary Committee has held CA. Ramachandran K K (Membership No. 021175), 39/2088 C, Kripa, Warriam Road, Ernakulam, KOCHI 682 016, guilty of Professional Misconduct falling within the meaning of Clauses (7) & (8) of Part I of the Second Schedule to the aforesaid Act and consequently ordered for removal of the name of aforesaid CA. Ramachandran K K(Membership No. 021175) from the Register of Members for a period of 01(One) month and also imposed a fine of Rs. 25,000/- (Twenty Five Thousand) only. The Respondent has already paid fine and the Order of the Disciplinary Committee is also upheld by the Appellate Authority vide judgment pronounced on 1st January, 2022. In pursuance thereof and in exercise of the powers conferred by sub-section (2) of Section 20 of the aforesaid Act, read with Regulation 18 of the Chartered Accountants Regulations, 1988, it is hereby notified that the name of said CA. Ramachandran K K (Membership No. 021175), shall stand removed from the Register of Members for a period of 01(One) month with effect from 4th February, 2022.

4. No. PR-52/2015-DD/58/2015-DC/781/2018.—In terms of the provisions of Section 21B(3) of the Chartered Accountants Act, 1949 read with Rules 18(17) and 19(1) of the Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007, the Disciplinary Committee has held CA. Saikat Datta (Membership No. 062248), 33, Office Lane, AGARTALA-799 001(Tripura), guilty of Professional/Other Misconduct falling within the meaning of Clause (9) of Part I and Clause (2) of Part IV of the First Schedule and Clause (7) of Part I of the Second Schedule to the aforesaid Act and consequently ordered for removal of the name of aforesaid CA. Saikat Datta (Membership No. 062248) from the Register of Members for a period of 03(Three) months. In pursuance thereof and in exercise of the powers conferred by sub-section (2) of Section 20 of the aforesaid Act, read with Regulation 18 of the Chartered Accountants Regulations, 1988, it is hereby notified that the name of said CA. Saikat Datta (Membership No. 062248), shall stand removed from the Register of Members for a period of 03(Three) months with effect from 4th February, 2022.

CA. (Dr.) JAI KUMAR BATRA, Secy.

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CAs can have partnership with CMAs and CSs

CAs can have partnership with CMAs and CSs

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

NOTIFICATION

New Delhi, the 8th July, 2021

No. 1-CA(7)/197/2021.—Whereas certain draft regulations further to amend the Chartered Accountants Regulations, 1988, were published as required by sub-section (3) of section 30 of the Chartered Accountants Act, 1949 (38 of 1949), in the Gazette of India, Extraordinary, Part III, Section 4, dated the 11th December, 2020, vide notification No.1-CA(7)/197/2020, dated the 10th December, 2020, inviting objections and suggestions from persons likely to be affected thereby, before the expiry of forty- five days from the date on which the copies of the said Gazette containing the said notification was made available to the public;

And whereas the said Gazette was made available to the public on the 11th December, 2020;

And whereas the objections and suggestions received from the public on the said draft regulations have been considered by the Council of the Institute;

Now, therefore, in exercise of the powers conferred by sub-section (1) of section 30 of the aforesaid Act, the Council, with the approval of the Central Government, hereby makes the following regulations further to amend the Chartered Accountants Regulations, 1988, namely:-

  1. (1)  These regulations may be called the Chartered Accountants (Amendment) Regulations, 2021.

(2)  They shall come into force on the date of their publication in the Official Gazette.

2. In the Chartered Accountants Regulations, 1988, in Schedule “A”, for Form 18, the following Form shall be substituted, namely:-

“ FORM „18‟

(See section 2(2) of the Chartered Accountants Act, 1949, regulation 53B and regulation 190 of the Chartered Accountants Regulations, 1988)

PARTICULARS OF OFFICES AND FIRMS

  1. Name of firm/trade name of Chartered Accountant in practice
  2. PAN number and GST Registration number of firm1
  3. Name(s) of the proprietor/partners of firm with his/ their membership number(s)

Details of Partners Holding Certificate of Practice

(Chartered Accountant/Company Secretary/Cost Accountant)

  S.N.Name of PartnerProfessional Qualifications*Membership No.:Whether membership is active (Yes/ No)Date from which Certificate of Practice held:
      

Details of Partners Holding Professional Qualifications Other than Chartered Accountant/Company Secretary/Cost Accountant, permitted as per regulation 53B

S.N.Name of PartnerProfessional Qualifications*Degree No.Name of University/ Institution which issued the Degree
     
  1. (a) Date of formation of proprietary/partnership firm
    • Date on which the present partnership was entered into
    • Whether the partnership is supported by a Deed?
    • Whether all the partners are sharing the profits of the firm?

5. Ref. No; Date and particulars of approval of trade/firm name obtained from the Council (applicable to cases where the firm was started on or after 1.1.1983)

6. Address of the Head Office of the firm/Chartered Accountant in practice.

7. (a) Address(es) of the branch office(s) of the firm/Chartered Accountant in practice, if any

(b) Date on which each branch office was opened

8. Name of the member, with membership number who is incharge of each of the offices, i.e., head office and branch offices.

Head OfficeName of the member in-chargeMembership Number
   
Branch Office(s)Name(s) of the member(s) in-chargeMembership Number(s)
   

9. Whether the proprietor/any partner stated in serial number 3 above is/are partner or proprietor or paid assistant with any other firm(s) of chartered accountants in practice anywhere in India and whether any of them are engaged in a full time or a part-time occupation elsewhere ?

10. If yes, give details in each case

Name of the Partner/proprietor/paid assistantName(s)   of   the firm(s)                              of chartered accountants   with which connectedCapacity in which connectedParticulars of full time or part-time occupation elsewhere if any
    

11. In case of a firm, whether any partner is also practicing in his individual name? YES / NO

12. If yes, give name(s) and membership number(s) of the member(s)

13. Name(s) of the member(s) of the Institute with membership number(s) holding full time employment in the firm/under the chartered accountant in practice and date of joining of each such member.

14. Whether any paid assistant stated at serial number 13 above is partner or proprietor or paid assistant with any other firm(s) or chartered accountant in practice anywhere in India ? YES/ NO

15. If yes, give details:-

Name of the paid assistantName(s) and place(s) of firm(s) in which engaged as partner/ Proprietor/paid AssistantCapacity in which connected with the firm, i.e. as partner/ Proprietor/paid Assistant
   

16. Whether any paid assistant stated at serial number 13 above is practicing?

17. If yes, give name(s) and membership number(s) of the paid assistant(s)

Declaration I/ We hereby confirm that the information given in this Form is true and correct

Place:

Date:

Signature(s) of the proprietor/all partner(s) of the firm with their membership number(s).”

JAI KUMAR BATRA, Acting Secy.

[ADVT.-III/4/Exty./146/2021-22]

Note: The principal regulations were published in the Gazette of India, Extraordinary, dated the 1st June, 1988 vide number 1-CA(7)/134/88 dated 1st June, 1988 and subsequently amended by the following numbers:-

  • Notification No.1-CA(7)/1/89, published in the Gazette of India, dated the 7th October, 1989;
  • Notification No.1-CA(7)/10/90, published in the Gazette of India, dated the 19th January, 1991;
  • Notification No.1-CA(7)/11/90, published in the Gazette of India, dated the 19th January, 1991;
  • Notification No.1-CA(7)/12/91, published in the Gazette of India, dated the 23rd February, 1991;
  • Notification No.1-CA(7)/13/90, published in the Gazette of India, dated the 2nd February, 1991;
  • Notification No.1-CA(7)/19/92, published in the Gazette of India, dated the 7th March, 1992;
  • Notification No.1-CA(7)/28/95, published in the Gazette of India dated the 1st September, 1995;
  • Notification No.1-CA(7)/30/95, published in the Gazette of India, Extraordinary dated the 13th March, 1996;
  • Notification No. 1-CA(7)/31/97, published in the Gazette of India, dated 16th August, 1997;
  • Notification No. 1-CA(7)/44/99, published in the Gazette of India dated the 26th February, 2000;
  • Notification No.1-CA(7)/45/99, published in the Gazette of India, dated the 26th February, 2000;
  • Notification No.1-CA(7)/51/2000, published in the Gazette of India, Extraordinary, dated the 17th August, 2001;
  • Notification No.1-CA(7)/59/2001, published in the Gazette of India, Extraordinary dated the 28th September, 2001;
  • Notification No.1-CA(7)/64/2002, published in the Gazette of India, Extraordinary dated the 31st March, 2003;
  • Notification No.1-CA(7)/64A/2003, published in the Gazette of India, Extraordinary dated the 4th December, 2003;
  • Notification No.1-CA(7)/83/2005, published in the Gazette   of   India,   Extraordinary   dated 28th July, 2005;
  • Notification No.1-CA(7)/84/2005, published in the Gazette of India, dated the 17th June, 2006;
  • Notification No. 1-CA(7)/92/2006, published in the Gazette of India, dated the 13th September, 2006;
  • Notification No. 1-CA(7)/102/2007(E), published in the Gazette of India, dated the 17th August, 2007;
  • Notification No.1-CA(7)/116/2008, published in the Gazette of India, dated the 25th September, 2008;
  • Notification No.1-CA(7)/123/2008, published in the Gazette of India, dated the 3rd December, 2008;
  • Notification No. 1-CA(7)/145/2012, published in the Gazette of India, Extraordinary dated the 1st August, 2012;
  • Notification No. 1-CA(7)/154/2014, published in the Gazette of India, Extraordinary dated the 22nd July, 2014;
  • Notification No. 1-CA(7)/167/2014, published in the Gazette of India, Extraordinary dated the 23rd January, 2015;
  • Notification No.1-CA(7)/178/2016, published in the Gazette of India, Extraordinary dated the 25th May, 2017;
  • Notification No.1-CA(7)/193/2020, published in the Gazette of India, Extraordinary dated the 19th October, 2020.
  • Notification No.1-CA(7)/196/2021, published in the Gazette of India, Extraordinary dated the 23rd June, 2021.
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Cox & Kings CA found dead after turning into a witness in the multi crore scam

Cox & Kings CA found dead after turning into a witness in the multi crore scam

Mumbai Police is investigating the death of a chartered accountant who was employed with the travel firm Cox & Kings marred by allegations of financial irregularities.

What happened?

  • Sagar Suhas Deshpande, a Chartered Accountant, was found dead on October 12 near railway tracks in Titwala city of Maharashtra’s Thane district.
  • Deshpande resided with his parents and sister in Thane. The 38-year-old went missing from his home on October 11, a few days before he had to report to police officials over the case.
  • The CA’s family identified his body on October 17 and police began investigating his death on the same day.
  • Deshpande turned a witness in a money laundering case on Cox & Kings which is being investigated by the Enforcement Directorate (ED).
  • He had reportedly promised crucial documents to the Economic Offences Wing (EOW) and was reportedly summoned by the crime branch on October 13.

What is the role of the ED?

The Enforcement Directorate (ED) is a specialized financial investigation agency under the Department of Revenue, Ministry of Finance, Government of India, which enforces the following laws:

  • Foreign Exchange Management Act,1999 (FEMA) – A Civil Law, with officers empowered to conduct investigations into suspected contraventions of the Foreign Exchange Laws and Regulations, adjudicate, contraventions, and impose penalties on those adjudged to have contravened the law. 
  • Prevention of Money Laundering Act, 2002 (PMLA) – A Criminal Law, with the officers empowered to conduct investigations to trace assets derived out of the proceeds of crime, to provisionally attach/ confiscate the same, and to arrest and prosecute the offenders found to be involved in Money Laundering.

What was the Cox & Kings scam?

  • The Cox & Kings came under the ED scanner during a probe into the fraud loans issued by Yes Bank.
  • During the investigation, the ED found that Cox & Kings used ‘fictitious customers’ to launder thousands of crores it borrowed from Yes Bank. The firm was found to be involved in the falsification of accounts, overstating the sales figures and understating the debt figures and fictitious transactions.
  • According to the ED, during investigation in the Yes Bank case, irregularities were noticed in relation to the loan sanctioned to Cox & Kings Group.
  • The Group had created multiple layers of onshore and offshore subsidiary across the globe through which the monies were siphoned off.
  • Malvern Travel Limited, UK submitted the forged bank statement of RBS Bank, UK, State Bank of India, UK and forged end used certificates of a UK-based statuary auditor to avail the loan of Rs 422 crore from Yes Bank.
  • An amount of Rs 3,642 crore is outstanding against Cox & Kings Group in debt-ridden Yes Bank. It includes Rs 563 crore loan in the name of Cox & Kings Ltd (CKL), India; Rs 1,012 crore in the name of Ezeego One Travel & Tours Ltd (EOTTL), India; Rs 422 crore in the name of Cox & Kings Financial Services Ltd (CKFSL), India; Rs 1152 crore in the name of Prometheon Enterprise Limited, UK and Rs 493 crore in the name of Malvern Travel Ltd, UK.
  • The agency also found that from 2015 to 2019 sales of Rs 3,908 crore was made to 15 non-existent and fictitious customers.
  • The majority of the collection shown in ledgers from Ezeego was not found in the bank statements.
  • In another incident, the probe agency claimed that Cox & Kings sold Holiday Break Education Limited, UK (HBEL), a subsidiary of their firm, for Rs 4,387 crores and instead of discharging the liability of the bank, they siphoned off the majority of the money.
  • From this siphoning, USD 15.34 million was transferred to Kuber Investment Mauritius Pvt Ltd which was controlled by Peter Kerker.

What was the role of the deceased in the Cox & Kings scam?

  • Sagar Suhas Deshpande, joined Cox and Kings in July 2010 and rose to become Manager Finance. The deceased Chartered Accountant, worked at Cox & Kings as a general manager up until a year ago.
  • The travel agency ended their operations and Deshpande had been unemployed since then.
  • He was one among the firm’s employees questioned by the Enforcement Directorate (ED) and the Economic Offences Wing of the Mumbai Police in connection with alleged siphoning of several thousands of crores of rupees borrowed from Yes Bank.
  • The deceased was not named as an accused in the case but was cooperating with the ED in their investigation into the multi-crore scam.
  • Deshpande was asked to appear before the police on October 13 and bring along the said documents.
  • However, he went missing just two days before he could do that and was later found dead.

Police said they had initially registered an accidental death report but they are now investigating whether it was a suicide or murder.

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Open Letter to FM : A Chartered Accountant’s Nightmare

Open Letter to FM : A Chartered Accountant’s Nightmare

A Global pandemic, 3 months of complete lockdown with restricted movements in the beginning of the financial year, closure of business of various clients and loss in revenue. This could be considered as the worst time of a practicing Chartered Accountant. Countless representations and still an utterly silent finance minister. #FM missing

Game changers for Industries whose staff is sitting in remote part of the countries and are expected to meet the deadline even if they are down with any ailment, forget COVID-19.

  • GST annual audit and annual return due date 30th Sept 2020;
  • E-invoicing mandatory from 1st Oct 2020;
  • TCS on sale of goods from 1st Oct 2020. Most essential goods “Electricity” also covered in its ambit. Other acts like GST etc exempt the same. Total chaos as to no clarity on various fronts;
  • MCA filings like of LLP due date 30th Sept 2020;
  • Tax audits and corporate tax returns.

There have been various professional body representations but the government chooses to be silent. The client blames the CA for not doing its work in time. Where does the CA go in such a case ?

A CA helps in nation building by asking its clients to be compliant. At the same time penalty is levied on them for not doing their job. If the same nation does not understand its plea you think he/she would co-operate in future ?

Dear FM, you are just forcing a group of professionals to revolt. There is only so much a person can handle. In tough times like these when each nation is putting on a brave front, least expected is co-operation from all ends.

Why should someone ask for an extension in such a large scale? Why not show your support to national compliance teams of professionals and extend your helping hand.

A totally paranoid Chartered Accountant.   

Some tweets from professionals

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