https://www.taxtmi.com/caselaws?id=431704 The court determined that the Institute of Chartered Accountants of India (ICAI) possesses the authority to initiate disciplinary proceedings suo moto based on "any information" that comes to its attention, as per Section 21 of the Chartered Accountants Act, 1949. The disciplinary actions against the petitioners were deemed valid, as they were initiated following a comprehensive investigation triggered by news reports and supported by further evidence. The court distinguished between "information" and "complaint" to ensure ICAI's effective regulatory function. The Chartered Accountants (Amendment) Act, 2022, was interpreted as clarificatory, reinforcing ICAI's existing powers. Consequently, the writ petitions were dismissed, allowing ICAI to continue with the disciplinary proceedings. en-us Fri, 16 Dec 2022 00:00:00 +0530 Mon, 19 Dec 2022 18:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431704 The court determined that the Institute of Chartered Accountants of India (ICAI) possesses the authority to initiate disciplinary proceedings suo moto based on "any information" that comes to its attention, as per Section 21 of the Chartered Accountants Act, 1949. The disciplinary actions against the petitioners were deemed valid, as they were initiated following a comprehensive investigation triggered by news reports and supported by further evidence. The court distinguished between "information" and "complaint" to ensure ICAI's effective regulatory function. The Chartered Accountants (Amendment) Act, 2022, was interpreted as clarificatory, reinforcing ICAI's existing powers. Consequently, the writ petitions were dismissed, allowing ICAI to continue with the disciplinary proceedings. Case-Laws Law of Competition Fri, 16 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431704