The Institute of Cost Accountants of India has submitted an undertaking to the Madras High Court that it will consider changing its acronym from ‘ICAI’ to ‘ICOAI’, and submit the compliance report before it on August 21 after a meeting of the body next month.
A writ petition was filed before the Court seeking to forbear the Institute of Cost Accountants of India (ICOAI) from using the acronym ‘ICAI’ (Institute of Chartered Accountants of India) for professional opportunities earmarked for them.
In the petition, the petitioner, Venkata Siva Kumar, a chartered accountant alleged that ICWAI is knowingly using the name of ICAI from 2012 in every press meet and other events. He contended that this makes a confusion among the students, general public and the other stakeholders.
He alleged that the Institute of Cost Accountants had usurped the goodwill of the ICAI built over 70 years, and without any legal sanction, started representing itself using the acronym ‘ICAI’.
After the petition was admitted by the Court, the counsel for the Institute of Cost Accountants recently furnished undertaking. Justice M. Duraiswamy then posted the matter to August 21.
