INST. OF CHARTERED ACCOUNTANTS OF INDIA vs PRICE WATERHOUSE

The Supreme Court held that the Council of the Institute of Chartered Accountants of India has the authority to refer matters to the Disciplinary Committee for further inquiry under the Chartered Accountants Act, 1949. The Court found that the High Court erred in quashing the Council's decision based on Regulation 16, affirming that the Council retains such powers. Consequently, the appeal was allowed, and the High Court's order was set aside.