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MCA directs inquiry against practicing professionals

MCA directs inquiry against practicing professionals
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First Published: Mon, Jun 13 2011. 07 45 PM IST
Updated: Mon, Jun 13 2011. 07 45 PM IST
New Delhi: The ministry of corporate affairs or MCA has directed its regional directors to initiate inquiry against practicing professionals, such as chartered and costs accountants who have indulged in providing wrong information about their clients through e-filing in 12 listed companies.
“During the examination it was found that the data furnished in the e-forms were totally different as compared to the records of the company,” said a statement issued by the ministry on Monday.
According to the ministry these are public documents and by furnishing false information to the government as well as to the other stakeholders of the company, the practicing professionals have neglected in discharging their duties and have rendered themselves liable for penal action under Companies Act, 1956 as well as professional misconduct, said the statement.
RPN Singh, minister of state for corporate affairs said the ministry will do its due diligence alongwith the respective professional institute before coming to a conclusion. He did not have the details of these companies.
The respective professional institute such as the Institute of Chartered Accountant of India, the Institute of Company Secretaries of India will conduct an inquiry on such professionals if the regional directors finds them guilty.
In the meanwhile the concerned professional will be debarred to submit any document on MCA portal till final report is received from the respective institute.
Mint had reported on 7 June that MCA will go down cracking on such errant professionals.
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First Published: Mon, Jun 13 2011. 07 45 PM IST