No disciplinaryaction will be taken against ICAI members as per NFRA

No disciplinaryaction will be taken against ICAI members as per NFRA,Delhi high court: The ICAI, one of the respondent to the application filed in Honble High Court, has very powerfully and diligently has put up its views before the Honble Delhi High Court on NFRA matter. "We professional are aware that Government tries to put a higher authority mechanism on our professional members." NFRA was challenged in Delhi High Court on various grounds and hearing of the case was on 3rd October 2018 in High Court. The ICAI through its Legal Department- (Headed by C.A. VIJAY KUMAR GUPTA, Central Council Member ICAI) strongly presented before the Court. CA Vijay Kumar Gupta along with Secretary ICAI and secretary legal were present in the court along with their advocates. After hearing the counsels the Honble Delhi high court passed the order to stay any disciplinary action against any member of ICAI under NFRA and notice was issued to the Government and next date of hearing is 16.01.2019.

No disciplinaryaction will be taken against ICAI members as per NFRA

Below is the Order of the Court W.P.(C) 10537/2018 & CM. Nos. 41116/2018 (for stay) Issue notice to show cause as to why rule nisi be not issued, returnable on 16^th January, 2019. Mr. Vivek Goyal, Adv. accepts notice on behalf of respondent Nos.1 and 2 and Ms. Pooja Sehgal, Adv. accepts notice for respondent no.3 and seek time to file the counter affidavits. Let the same be filed within four weeks from today. In the meanwhile no disciplinary action against the members of the petitioners association and respondent no.3 / Institute shall be initiated by the National Financial Reporting Authority (NFRA) by virtue of powers conferred upon it under Section under Section 132 (2) and 132(4) of the Companies Act, 2013. List on 16^th January, 2019.