INSTITUTE OF CHARTERED FINANCIAL ANALYSTS OF INDIA Vs. COUNCIL OF THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

JUDGEMENT

(1.) Appellant No.1 herein is a Society registered under the Andhra Pradesh (Telangana Area) Public Societies Act, 1350F. At the time of its registration it was known as 'Institute of Certified Financial Analysts', which was changed to 'The Institute of Chartered Financial Analysts of India'. Appellants contend that it offers the Chartered Financial Analyst Course/Programme, which is entirely different from that offered by Respondent No.1 It has sought for opinion from the Director General of Investigation and Registration in terms of Sections 11 and 36 of the Monopolies and Restrictive Trade Practices Act, 1969 on 11.02.1988, whereto a reply was sent by the appellants on 24.02.1988. A notice, however, was published in the journal of Respondent No.1 herein, wherein a purported caution to members about the appellant-Institute was published in the following terms :

(2.) It is, however, not in dispute that no investigation was initiated by the MRTP Commission in that behalf. A notice was sent by Appellant No.1 to Respondent No.1, asking for a copy of the opinion of the Additional Solicitor General so as to enable it to know the facts placed before him for his opinion. But no response was received thereto. A reminder thereto was sent on 15.06.1989 and by a letter dated 11.07.1989, the Secretary of Respondent No.1 refused to send the copies of the case and the opinion of the Additional Solicitor General. On or about 03.08.1989, a notification was issued by Respondent No.1 herein prescribing that if any member of the Respondent-Institute i.e. any Chartered Accountant, who obtained the qualification of the Chartered Financial Analyst on or after 01.01.1990; or having obtained the said qualification earlier did not surrender the same before the said date, would be held to be guilty of professional misconduct in term of the provisions of the Chartered Accountants Act, 1949 (for short, 'the Act').

(3.) A writ petition was filed before the Andhra Pradesh High Court by Appellant No.1 herein on or about 16.11.1989. The said writ petition was dismissed by a learned Single Judge by a judgment and order dated 21.11.1990, inter alia, opining :