CENTRE FOR PUBLIC INTEREST LITIGATION vs U.O.I

The Supreme Court addressed the legality of Multi-National Accounting Firms (MAFs) operating in India, holding that they are in violation of Section 224 of the Companies Act, 1956 and Sections 25 and 29 of the Chartered Accountants Act, 1949. The Court emphasized the need for strict enforcement of the Code of Professional Conduct by the Institute of Chartered Accountants of India (ICAI) and directed the initiation of investigations against MAFs and Indian Chartered Accountancy Firms (ICAFs) involved in such violations. The judgment reinforces the regulatory framework governing accounting practices in India.