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The Institute of Cost Accountants of India has given an undertaking to the Madras High Court that it will consider changing its acronym from 'ICAI' to 'ICOAI', and submit the compliance report before it on August 21 after a meeting of the body next month.
When a petition by V Venkata Siva Kumar, a chartered accountant, came up for hearing before Justice M Duraiswamy recently, the counsel for the Institute of Cost Accountants furnished the undertaking.
The judge then posted the matter to August 21.
The petition sought to forbear the Institute of Cost Accountants of India (ICOAI) from using the acronym 'ICAI' (Institute of Chartered Accountants of India) for professional opportunities earmarked for them.
The petitioner alleged that the Institute of Cost Accountants had with a malafied and fraudulent intention to usurp the goodwill of ICAI built over 70 years, suddenly without any legal sanction, began representing to the stakeholders using the acronym 'ICAI'.
He further alleged that this deliberate misrepresentation is further compounded by the periodical releasing of various news items to the media representing ICAI council members and causing great confusion in the minds of the public, government, and other stakeholders.
Since the entire curriculum of ICOAI is based on postal and long distance education without any practical training, the members are not sought after by the stakeholders and are inno way close to the members of ICAI, who have an edge over them because of the expert practical training, he claimed.
The petitioner prayed the court to direct the Institute of Cost Accountants not to use 'ICAI' acronym and sought to direct the Ministry of Corporate Affairs to ensure that ICOAI acts within the four corners of the Cost and Works Accountants Act and desist from encroaching upon the areas of work meant for the ICAI.
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