Judgment

M.H.KANIA, J,

(1) LEAVE granted. Counsel heard.

(2) THIS appeal is being disposed of, by consent, at the stage of granting of special leave in view of the urgency. Appellant 1 is the Institute of Chartered Accountants of India, a body incorporated under the Chartered Accountants Act, 1949 (hereinafter referred to as "the Act"). Appellant 2 is the secretary of appellant 1, Institute. Appellant 1 was formed with the object of regulating the profession of the Chartered Accountants. S. 9 of the Act provides for the constitution of the council of appellant 1, Institute, and prescribes that the affairs of the said Institute shall be managed by the said council which comprises not more than 24 persons elected by the fellows of the Institute and 6 persons nominated by the central government. Ss. (1 of S. 10 of the Act provides that the election of the said council shall be conducted in the prescribed manner. S. 30 of the Act confers powers upon the council to make regulations for the purpose of carrying out the objects of the Act. In exercise of the said powers, the council framed regulations known as "the Chartered Accountants Regulations" (hereinafte