8.1 Penal action, as decided by the Council from time to time, may be taken against the members who fail to comply with the requirements of this Statement. However any such penal action will be announced in advance for information of the members who are covered under the provisions of the Statement
8.2 The Council may, however, take any other action in accordance with the provisions of the Chartered Accountants Act 1949 and The Chartered Accountants Regulations, 1988 and modifications made thereunder from time to time.