HC orders issue of notice to auhorities

Madras High Court today ordered issue of notice to authorities on a petition from a Charted accountant seeking a direction to the cost accountants to strictly comply with the Sec2(2) of Cost and Works Accountants Act, 1959.
Justice M Sathyanarayana ordred issue of two weeks' time to the authorities concerned on the petition from M Venkata Siva Kumar who appeared in person.
He prayed to resist the Cost Accountants from encroaching in to the domains earmarked for chartered accountants.
According to him, cost accountants shall use an acronym ICOAI instead of ICAI, which belongs to chartered accountants, as per a Supreme Court judgment in the Satyam Vs Sifynet case.

"Cost accountants, using their clout, are trying to include them in the definition of auditors in various central and state legislations so as to claim the right to do services that are being rendered by chartered accountants now," petitioner alleged.
Cost accountants are the public authority established under Cost and Works Accountants Act, 1959, and it had about 25,000 members.
Cost accountants, "with a mala fide and fraudulent intention to usurp the goodwill of chartered accountants built over a period of 70 years, all of a sudden, without any legal sanction started representing to stake-holders as chartered accountants by using the acronym ICAI in its websites and in all their communication, knowing full well that it is illegal and unethical, petitioner contended.