Section - 25 - Companies not to engage in accountancy
Companies not to engage in accountancy.25. (1) No company, whether incorporated in India or elsewhere, shall practise as chartered accountants.[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 (1), 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 shall not be less than two lakh rupees but] which may extend on first conviction to [ten lakh rupees] and on any subsequent conviction [with fine which shall not be less than four lakh rupees but which may extend to twenty lakh rupees].
50. Inserted by the Chartered Accountants (Amendment) Act, 2011, w.e.f. 1-2-2012.
50a. Inserted by the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Act, 2022, with effect from a date yet to be notified.
50b. Substituted for "one thousand rupees" by the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Act, 2022, with effect from a date yet to be notified.
50c. Substituted fo .... To read the full section download the app from Google Play store
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