Council Of The Instt. Of Chartered … vs Subodh Gupta & Anr. on 16 February, 2017

2. If we affirm the findings returned by the Disciplinary Committee
constituted by the Institute of Chartered Accountants which has been

Chat.A.Ref.No.2/2010 Page 1 of 10
accepted by the Council, the charge proved would be that of a
3. A complaint was received from the Punjab National Bank alleging
that the respondent : a practicing Chartered Accountant, had incorporated
three companies and a trust, with he being the founder director/president
and had opened accounts in the name of the companies and the trust with
the complainant’s branch at Agra. The three companies incorporated
were : M/s.Seeroo Foods Pvt. Ltd., M/s.G.K.Consultant Ltd. and
M/s.Jagrook Builders Pvt. Ltd. The trust set up was M/s.Nirogi
Charitable and Medical Research Trust. It was further alleged that in
connivance with the Branch Manager, funds were diverted to companies
and firms in which the respondent was associated directly as a director or
as a partner. The said entities were : M/s.Radha Raman Plastic Concern
Ltd., M/s.Himalayan Production & Estate (P) Ltd., M/s.A.B.Metal
Industries (P) Ltd., M/s.SAMD Cast (P) Ltd., M/s.Pratikar Finlease Pvt.
Ltd., M/s.Subodh Gupta & Associates, M/s.Utkarsh International and
M/s.Formex Forms (P) Ltd.

Source: Indian Kanoon

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