Section 25
Companies not to engage in accountancy.
The Chartered Accountants Act, 1949
About this Act
An Act to make provision for the regulation of the profession of chartered accountants.
(1) No company, whether incorporated in India or elsewhere, shall practice as chartered accountants.
1[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 2[which shall not be less than two lakh rupees but] which may extend on first conviction to 3[ten lakh rupees], and on any subsequent conviction 4[with fine which shall not be less than four lakh rupees but which may extend to twenty lakh rupees].
1[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 2[which shall not be less than two lakh rupees but] which may extend on first conviction to 3[ten lakh rupees], and on any subsequent conviction 4[with fine which shall not be less than four lakh rupees but which may extend to twenty lakh rupees].
Notes
1. Ins. by Act 3 of 2012, s. 3 (w.e.f. 1-2-2012).
2. Ins. by Act 12 of 2022, s. 30 (w.e.f. 10-5-2022).
3. Subs. by s. 30, ibid., for "one thousand rupees" (w.e.f. 10-5-2022).
4. Subs. by s. 30, ibid., for "to five thousand rupees" (w.e.f. 10-5-2022).
2. Ins. by Act 12 of 2022, s. 30 (w.e.f. 10-5-2022).
3. Subs. by s. 30, ibid., for "one thousand rupees" (w.e.f. 10-5-2022).
4. Subs. by s. 30, ibid., for "to five thousand rupees" (w.e.f. 10-5-2022).