Case Law Details
V. Venkata Siva Kumar Vs Institute of Cost Accountants of India (Madras High Court)
The petitioner seeks for a mandamus directing the first respondent to strictly comply with Sec 2(2) of Cost and Works Accountants Act 1959 as amended and desist from encroaching into the domains earmarked for the third respondent (Chartered Accountants) and further direct the second respondent to ensure that the acronym ICOAI be used instead of acronym ICAI which belongs to the third respondent.
2. The case of the petitioner is as follows:
The petitioner is a practising Chartered Accountant and the member of the Institute of Chartered Accountants of India, the third respondent herein, for the past 30 years. The third respondent is a public authority established by the Chartered Accountants Act, 1949. The third respondent is identified with the acronym ICAI.
b) The first respondent is a public authority established under Cost and Works Accountants Act, 1959 and it is known with acronym ICWAI. The curriculum, methodology of practical training, the testing of theoretical concepts, etc., make the Chartered Accountancy course, toughest in the world, whereas the first respondent conducts the course more like distance education similar to B.Com. and M.com. Even though the first respondent was established with prime objective of promoting cost accounting, the past acts clearly establish that the first respondent is more interested in encroaching into the domain earmarked for the third respondent. The first respondent got an amendment to change its name in the year 2012 as Institute of Cost Accountant of India. Thus, to use the name of ICAI, which will create lot of confusion among the stakeholders. The first respondent is fully aware that their members are not equipped at all because of lack of practical training compared to the members of the third respondent.
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