The Statutory Auditor of your Company allegedly got transferred 1000 shares of the Company in his name. However, the matter was ultimately resolved and settled between Auditor and the complainant, despite which Disciplin

The present problem is similar to the case of Council of the Institute of Chartered Accountant [SC] Civil Appeal No. 11034 of 2018 (Arising out of SLP (C) No. 19564/ 2017) . In the case cited above, the Disciplinary Committee has found the Chartered Accountant guilty of practice (similar to the facts in the question) which was not in his professional capacity. The Council of the Institute of Chartered Accountants of India [ICAI], made its recommendation to the High Court to remove the aforesaid Chartered Accountant for a period of six months from the rolls. The Council of ICAI was entitled to do so under Schedule I Part-IV sub-clause (2) of Chartered Accountant Act, 1949 if, in the opinion of the Council, such act brings disrepute to the profession whether or not related to his professional work. However, High Court declined to remove him from the rolls for six months. Hon'ble Supreme Court held "in the case, it is clear that the impugned judgment is incorrect and must, therefore, be set aside. The matter be remanded to the High Court to be decided afresh leaving all contentions open to both parties." Applying the rationale of the above decision, it can be decided that the Auditor will not succeed in his appeal.