The Institute of Chartered Accountants of India (ICAI) has imposed a fine of Rs. 50,000 on a Director for holding a position of ‘Director Simplicitor’ in a Company.

A complaint was filed against the Respondent, CA Gurudas Saha alleging that he is holding an office of Director Simplicitor in a private limited company and was involved in the day to day activities of the business.

Earlier, four-member committee of the disciplinary committee found that the respondent is guilty of professional misconduct.

The Committee, based on facts, noted that that it is clearly coming out from findings that the Respondent had given wrong declaration under Regulation 190A of the Chartered Accountants Regulations, 1988 whereas his role was more than director simplicitor and he was involved in day to day working of the Company.

“Therefore, keeping in view the facts and circumstances of the case, material on record and submissions of the Respondent before it, the Committee ordered that the Respondent i.e. CA. Gurudas Saha (M. No. 104292), be reprimanded with the fine of Rs.50,000/- (Fifty Thousand Rupees) to be payable by him within a period of 30 days of receipt of the order and in case -of non-payment of fine, the name shall be removed for 15 (Fifteen) days.”

Source: https://www.taxscan.in/icai-imposes-rs-50k-fine-on-a-chartered-accountant-for-holding-a-position-of-director-in-a-company/161775/