In Brief
A Chartered Accountant was accused of misconduct relating to the sale and transfer of shares to his own name in 1999. Although the parties settled, the disciplinary committee found him guilty of 'other misconduct'. The High Court set aside the penalty, holding that since the shares transaction occurred in his individual capacity and not as a Chartered Accountant, it fell outside disciplinary jurisdiction. The Supreme Court disagreed, holding that under the Chartered Accountants Act, conduct bringing disrepute to the profession can constitute misconduct even if unrelated to professional practice. The Court remanded the case for fresh decision.
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