Section 25:
Companies not to engage in accountancy.
(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].
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).