Chartered Accountants Act, 1949

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].