(1) No company, whether incorporated in India or elsewhere, shall practice as chartered accountants.

¹[Explanation.—For the removal of doubts, it is hereby declared that the company shall include any limited liability partnership which has company as its partner for the purposes of this section.]

(2) If any company contravenes the provisions of sub-section (1), then, without prejudice to any other proceedings which may be taken against the company, every director, manager, secretary and any other officer thereof who is knowingly a party to such contravention shall be punishable with fine ²[which shall not be less than two lakh rupees but] which may extend on first conviction to ³[ten lakh rupees], and on any subsequent conviction ⁴[with fine which shall not be less than four lakh rupees but which may extend to twenty lakh rupees].

1. Ins. by Act 3 of 2012, s. 3 (w.e.f. 1-2-2012).
2. Ins. by Act 12 of 2022, s. 30 (w.e.f. 10-5-2022).
3. Subs. by s. 30, ibid., for "one thousand rupees " (w.e.f. 10-5-2022).
4. Subs. by s. 30, ibid., for "to five thousand rupees " (w.e.f. 10-5-2022).