Mumbai: The disciplinary committee of the Institute of Chartered Accountants of India (ICAI) absolved the chartered accountant (CA) of batting maestro Sachin Tendulkar from the charges of cheating and dishonest intention levelled by the cricketer.
Hearing a complaint lodged by Tendulkar against his chartered accountant Madhav Bhatkhande, the disciplinary committee found no substance in the ace cricketer's allegations that his CA wanted to cheat him by not returning the loan of Rs 27 lakh obtained some years ago.
The report shall now be placed before the special council of the institute to initiate further steps. Copies of the report shall also be forwarded to the complainant and the accused in due course, Bhatkhande's lawyer S N Inamdar said.
The committee found that Bhatkhande was not guilty of the charges levelled by Tendulkar.
Tendulkar had charged Bhatkhande, among others, of refusing to audit his accounts and engaging himself in activities other than his profession.
Although the cricketer had later dropped these two charges, yet the committee went into it and found that Bhatkhande could not be found guilty of these allegations.
Yet another charge levelled by Tendulkar was that the CA had borrowed Rs 27 lakhs from him and did not return the amount. He also charged the CA with "deliberate intention to cheat him".
The committee observed that it was only thereafter that Tendulkar had released the loan of Rs 27 lakhs to the CA that was much less than the audit fees.
As soon as the first instalment of the fees was paid, a portion of the loan was returned as per the understanding between the two, the committee noted.Taking circumstantial evidence into account, the committee felt that it could not be said that Bhatkhande wanted to cheat Tendulkar and significantly noted that none of the charges against the CA had been proved.