BHASKAR BHATTACHARYA, J. ( 1 ) THIS is a reference under section 21 (5) of the chartered Accountants Act, 1949 (hereinafter referred to as the Act) at the instance of the Council of the Institute of Chartered Accountants of India ("institute") thereby praying for approval of the recommendation of removal of the respondent from the role of Chartered Accountants for three months on the ground of misconduct of the respondent. ( 2 ) THE facts giving rise to filing of this reference application may be summed up thus: (a) On 5th May, 2000 the Institute received a complaint from the Bank of baroda against the respondent alleging that the respondent had misappropriated the fund of one of his clients, namely, Shankarlal saha through fraudulently opening a joint account in Bank of Baroda. (b) On 11th January, 2001 the complaint was forwarded to the respondent under Regulation 12 (6) of the Chartered Accountant Regulations with a request to send his written statement within 14 days. No written statement having been filed, on 18th February, 2001 a reminder was given to the respondent for filing written statement. (c) Since no written statement was filed under the Regulation 12 (11) of the Chartered Accountant Regulations, the complaint was considered by the "institute" and a prima facie opinion had been formed and consequently, the matter was referred to the disciplinary committee for enquiry and notice was sent to the parties to appear before the disciplinary committee. (d) On 13th August, 2003, the disciplinary committee examined the complainant and the respondent was given opportunity to file his written statement. Ultimately, on 24th August, 2003 the committee received the documents and written statement from the respondent. (e) Before the disciplinary authority, Shankarlal Saha filed his statement regarding the civil and criminal cases pending against the respondent and ultimately, on 4th February, 2004 the committee filed its report to the "institute" holding that the respondent was guilty of professional misconduct within the meaning of clause 10 of Part I of second Schedule and other misconduct under section 22 read with section 21 of the Chartered Accountants Act, 1949. (f) On 4th June, 2004, the report of the disciplinary committee was forwarded to all the parties and they were requested to send written representation, if any. (f) On 4th June, 2004, the report of the disciplinary committee was forwarded to all the parties and they were requested to send written representation, if any. The parties were informed that the "institute" would consider the matter at its meeting to be held on 24th and 26th june, 2004 and requested them to send their written representations, if any. (g) Thereafter, on 17th June, 2004, the respondent submitted his written statement but no submission was made regarding opening of the joint account No. 7831. The "institute" further informed the parties that the Council would consider the case on 22nd July, 2004 and also informed that if the parties wanted to be present in person or through authorised agent for submission, they might do so. Ultimately, the council after considering the oral submission of the respondent decided to recommend to the High Court that the name of the respondent should be removed from the register of members for a period of three months. ( 3 ) THE respondent appeared before us in person and submitted that he had no submission to make and he was prepared to accept the recommendation of the "institute". ( 4 ) MR. Dutt, the learned Counsel appearing on behalf of the "institute" has, however, taken us through the entire materials-on-record and the proceedings recorded by both the disciplinary committee and the Council. ( 5 ) WE find that the complaint made by Bank of Baroda may be summarised thus: (a) One Shankarlal Saha, a Bidi Merchant, had various deposits and accounts with the complainant's Charu Market Branch, Kolkata. The respondent was a Financial Advisor to Shri Saha and opened S. B. Account No. 7831 in his single name on 17th October, 1995. On a later date, this S. B. Account was purportedly converted into a joint account with Sri Shankarlal Saha without the consent of the latter. Thereafter, fourteen cheques favouring Mr. Shankarlal Saha aggregating Rs. 22. 11 lac drawn on various banks in Kolkata were handed over to the respondent by Sri Shankarlal Saha in depositing in his account with the Charu Market Branch. Instead of depositing the amount in the said branch, the respondent collected the proceeds in S. B. Account no. 7831 purportedly in the joint names of Shankarlal Saha and the respondent and misappropriated the fund actually owned by Mr. Saha. Instead of depositing the amount in the said branch, the respondent collected the proceeds in S. B. Account no. 7831 purportedly in the joint names of Shankarlal Saha and the respondent and misappropriated the fund actually owned by Mr. Saha. (b) The Bank of Baroda, Charu Market Branch opened three Fixed Deposit accounts in the name of Sri Shankarlal Saha on 9th June, 1995. The total amount invested in the said fixed deposit amounts were rs. 5,00,000/ -. The respondent being a financial advisor to Sri Saha fraudulently discharged or caused to have discharged these Fixed deposit Receipts and availed two loans for Rs. 3,00,000/- and rs. 2,00,000/- on 21st April, 1997 against security of these Fixed Deposit receipts. Thereafter, the respondents misappropriated the fund. (c) The respondents fraudulently utilized Savings Bank Account No. 7831 and three Fixed Deposit Receipts mentioned above for unlawful gain. ( 6 ) THE defence taken by the respondents in the written statement was that he opened the aforesaid Savings Account with the Charu Market Branch of the bank of Baroda on 17th October, 1995 with an intention to use the said account for his own investment purpose. According to the respondents, Sri Saha who used to visit his office regularly for a friendly chat, came to know of the same and expressed his willingness to start a friendly partnership wherein he would be the financing partner. According to the respondents, at the very first instance he refused Sri Saha and told him that as a practising Chartered Accountant, he was not allowed to enter into any sort of partnership with him. He then gave the idea of promoting a Private Limited Company and Sri Saha also insisted on starting operations at the earliest because of some auspicious date and it was not possible to start the company in such a short notice. In view of the then existing relationship of respondent with Sri Saha he succumbed to his request and according to the respondent, they went to the Charu Market Branch of the bank of Baroda to open a Joint Savings Account with Sri Saha as the first holder and the respondent as the second holder. In view of the then existing relationship of respondent with Sri Saha he succumbed to his request and according to the respondent, they went to the Charu Market Branch of the bank of Baroda to open a Joint Savings Account with Sri Saha as the first holder and the respondent as the second holder. At that tune, they were advised by the bank personnel that as per the existing bank norms since Sri Saha had already a Savings Account No. 7592 with the bank wherein he was the first holder, he was not allowed to open another bank account wherein he should be the first holder. By that time, the Savings Account No. 7831 had akeady been opened and Sri Saha then requested him to include his name in the respondents savings Account and to convert the said Savings Account into a Joint Account, which the respondent agreed. According to the respondent, both of them signed on a fresh account-opening card and handed over the said card to the bank but the said card is missing. According to the respondent, he had the idea that as the business would grow, the relationship would later be converted to a Private limited Company which unfortunately never happened. It is further alleged that while one loan was taken in the name of Sri Saha, which was supposed to be used for setting up his new factory, the other loan was taken by Sri Saha in the name of respondent with Sri Saha standing as the guarantor. ( 7 ) IT appears from the record that although the written statement was filed ultimately, the respondents did not lead any evidence but oral submissions were made. ( 8 ) FROM the aforesaid materials, the disciplinary committee came to the conclusion that the withdrawal of Rs. 22. 11 lac drawn in various banks in kolkata at the instance of respondent was proved. The disciplinary committee, however, absolved the respondent of the second charge regarding Fixed Deposit receipts. ( 9 ) AFTER hearing Mr. Dutt, the learned Advocate appearing on behalf of the council and after going through the materials-on-record we find that the respondents did not co-operate either with the disciplinary authority or with the "institute" in the matter of investigation and made evasive denial of the charges. ( 9 ) AFTER hearing Mr. Dutt, the learned Advocate appearing on behalf of the council and after going through the materials-on-record we find that the respondents did not co-operate either with the disciplinary authority or with the "institute" in the matter of investigation and made evasive denial of the charges. On the basis of materials placed before the disciplinary authority and the Council, we are of the view that the decision of the disciplinary authority as well as the Council that the respondent was found guilty of charge 1 was quite reasonable and consequently the removal of respondent from the role of membership for three months cannot be said to be unjust. The respondent could not give account of the money withdrawn by him through the account opened by him which was converted into a joint account. ( 10 ) AS indicated above, we also invited the respondent to make his submission before us on the basis of materials-on-record but he submitted that he was ready to accept the decision of the Council. ( 11 ) FROM the aforesaid materials and after taking into consideration the conduct of the respondent, we approve the recommendation of the Council that the name of the respondent should be removed from the role of membership for three months. ( 12 ) THE reference is, thus, disposed of with the above observation. In the facts and circumstances, there will be, however, no order as to costs. Reference disposed of.