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

JUDGEMENT

(1.) The Institute of Chartered Financial Analysts of India, a Society registered under the A.P. (Telangana Area) Public Societies Act, 1350 Fasli represented by its Registrar, and 16 others who are members of the said Society and members of Institute of Chartered Accountants of India, filed this writ petition challenging the Notification dated 3rd August, 1989 and the Explanatory Statement issued by the Council of the Institute of Chartered Accountants of India, the first respondent herein, as unauthorised, invalid and unenforceable and violative of Articles 14 and 19 of the Constitution of India.

(2.) The impugned Notification reads as follows:

(3.) The Explanatory Statement to Notification No. 1-CA(7)/9/89 dated 3rd August, 1988 reads: