IBBI cancel registration of Registered Valuer for concealment of pending criminal proceeding
- Blog|News|Company Law|
- 2 Min Read
- By Taxmann
- |
- Last Updated on 19 July, 2021
Latest from Taxmann
Case details: Sagar Dattatray Goge., In re - [2021] 128 taxmann.com 97 (IBBI)
Judiciary and Counsel Details
-
- Dr. Mukulita Vijayawargiya, Member
Facts of the Case
In the instant case, Mr. Sagar Dattatray Goge, (herein referred to as ‘G’) was a member of the ‘ IIV Registered Valuers Foundation’ and was registered with the IBBI as valuer in the asset class of Land and Building. It has come to the notice of the IBBI that Mr. G gave a false declaration in his application, submitted to IBBI that no criminal proceedings were pending against him even though a charge sheet was filed before the learned Special Judge, CBI Court, which was pending for adjudication.
Upon consideration of the material available on record, an SCN was issued under rule 17 of the Companies (Registered Valuers & Valuation) Rules, 2017 to Mr. G, seeking his written reply and offering him an opportunity of personal hearing for disposal of the same under the said Rules.
Thereafter, Mr. G submitted that he had inadvertently mentioned that no criminal proceeding was pending in the application form and he was under impression that framing of charge will amount to the start of a criminal proceeding and when a charge is framed by the learned Court, only then can it be said that criminal proceeding is pending. Though the charge sheet is filed before Special Judge, Aurangabad till this date charges are not framed.
However, during the personal hearing, Mr. G admitted that he has committed a mistake in not disclosing in the application that no criminal proceeding was pending and that the error was inadvertent and unintended.
IBBI Held
During the investigation, the Authority noted that the offences alleged in the criminal proceedings were in relation to professional conduct, criminal conspiracy, breach of trust, cheating and dishonestly inducing delivery of property, which were serious and are punishable with imprisonment up to seven years. Hence, the Authority canceled the registration of the Registered Valuer.
List of Cases Referred to
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
CA | CS | CMA
