Section 25 – The Chartered Accountants Act, 1949

Companies not to engage in accountancy

(1) No company, whether incorporated in India or elsewhere, shall practise as chartered accountants.

1[Explanation – For the removal of doubts, it is hereby declared that the “company ”shall include any limited liability partnership which has company as its partner for the purposes of this section.]

(2) If any company contravenes the provisions of sub-section (i), then, without prejudice to any other proceedings which may be taken against the company, every director, manager, secretary and any other officer thereof who is knowingly a party to such contravention shall be punishable with fine which may extend on first conviction to one thousand rupees, and on any subsequent conviction to five thousand rupees.

 

Amendment

1Inserted by the Chartered Accountants (Amendment) Act, 2012 and came into force w.e.f. 1st February, 2012.

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