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Cost accountants agree to use the acronym ICOAI
The dispute between chartered accountants and cost accountants over the use of the acronym ICAI (Institute of Chartered Accountants in India) has come to an end with the Institute of Cost Accountants of India giving 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.
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Chennai
Justice M Duraiswamy, on recording the undertaking given by the counsel appearing for the cost accountants that a decision to this effect would be taken at the meeting of the body next month, posted the case for further hearing to August 21, 2017.
V Venkata Siva Kumar, a charted accountant, appearing as party-in-person, had contended that the Institute of Cost Accountants with a fraudulent intention to usurp the Goodwill of ICAI (Institute of Chartered Accountants of India) built over a period of 70 years of world class recognised performance, all of a sudden without any legal sanction started representing to the stakeholders by using the acronym ICAI on its websites and in all their communication, knowing well that it is illegal and unethical.
The petitioner had sought the court to direct the Institute of Cost Accountants not to use ‘ICAI’ acronym.
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