P. NAGAPPAIAYA MAIYA AND OTHERS Vs. CENTRAL COUNCIL OF THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA AND OTHERS

JUDGEMENT

(1.) THREE Chartered Accountants of Bangalore City have preferred this petition seeking for the following prayer: The Petitioners herein therefore pray that this Hon'ble Court may be pleased to issue a writ of mandamus or any other appropriate writ or order or direction as the case may be directing the Central Council of the Institute of Chartered Accountants of India, the first Respondent herein to make over to the Bangalore branch of the Institute of Chartered Accountants of India, the third Respondent herein adequate funds as provided in Direction 43(a) of the Directions namely two thirds of the membership fees of the members of the branch concerned collected under regulation; these shall be made over to the branch concerned by the Central Council framed under the Chartered Accountants Act and the Regulations framed thereunder in the interest of the justice and equity.

(2.) PETITIONERS state in the petition that this petition is filed for the common cause of entire professional community in Bangalore. Respondent 1 is constituted under the Chartered Accountants Act (for short the Act) for management of the affairs of the Institute of Chartered Accountants of India (for short the Institute) and for discharging various assignments mentioned under the Act.

(3.) SECTION 30 of the Act provided for a power to make Regulation for carrying out object of the Act by way of notification in the matter. The Respondents have provided Regulation called Chartered Accountant Regulation 1988 (for short Regulation) providing for regional councils, branches of regional councils in this Country. The Bangalore branch of SIRC, Respondent was constituted in the year 1962. It was set up by the council in Southern region, there are more than 3,900 members on Zone and the council has given directions with regard to the manner of functioning of this branch at Bangalore.