25. Companies not to engage in accountancy
No company, whether incorporated in India or elsewhere, shall practice 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.]
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].
Amendment notes (4)
- Ins w.e.f. 1-2-2012 . Ins. by Act 3 of 2012, s. 3 (w.e.f. 1-2-2012).
- Ins w.e.f. 10-5-2022 . Ins. by Act 12 of 2022, s. 30 (w.e.f. 10-5-2022).
- Subs w.e.f. 10-5-2022 . Subs. by s. 30, ibid., for "one thousand rupees" (w.e.f. 10-5-2022).
- Subs w.e.f. 10-5-2022 . Subs. by s. 30, ibid., for "to five thousand rupees" (w.e.f. 10-5-2022).