IBBI cancel registration of Registered Valuer for concealment of pending criminal proceeding
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- Last Updated on 19 July, 2021
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Case details: Sagar Dattatray Goge., In re - [2021] 128 taxmann.com 97 (IBBI)
Judiciary and Counsel Details
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- 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
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