Section 25. Companies not to engage in accountancy.

(1) No company, whether incorporated in India or elsewhere, shall practice as chartered accountants. 1[Explanation.--For the removal of doubts, it is hereby declared that the company shall include any limited liability partnership which has company as its partner for the purposes of this section.] (2) If any company contravenes the provisions of sub-section (1), then, without prejudice to any other proceedings which may be taken against the company, every director, manager, secretary and any other officer thereof who is knowingly a party to such contravention shall be punishable with fine 2[which shall not be less than two lakh rupees but] which may extend on first conviction to 3[ten lakh rupees], and on any subsequent conviction 4[with fine which shall not be less than four lakh rupees but which may extend to twenty lakh rupees].