The Supreme Court heard a plea seeking to direct the Institute of Cost Accountants of India to use the acronym ICOAI and not ICAI.
The petitioner, CA V.Venkata Sivakumar is a gold medalist in graduation, chartered accountant in practice for 30 years, master’s in constitutional law, and an accomplished teacher who trained several thousands of CA students since 1988 and therefore he is very much concerned about the well being of the profession and students.
The Institute of Cost Accountants of India prior to 2012 was known as Institute of Cost and Works Accountants of India (ICWAI), a statutory body established under the Act of parliament 1959. In 2012, the parliament amended the Act changing the name to Institute of Cost Accountants of India (ICOAI).
However, knowing well that it will mislead the public and students, the Institute of Cost Accountants of India started representing itself as ICAI, an acronym which belongs to the Institute of Chartered Accountants of India.
The Petitioner filed a writ petition in the High seeking for injunctive direction against the Institute of Cost Accountants of India to not encroach into the domains earmarked for the Institute of Chartered Accountants of India and mandamus direction to use the acronym ICOAI to its name.
Therefore the petition prayed that the Institute of Cost Accountants of India must not use the acronym of the Institute of Chartered Accountants of India and use the acronym ICOAI given by the parliament and being used by the Institute of Cost Accountants of India till date while communicating with the executive pending disposal of this present Appeal.
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