P.B. Majmudar, J. –

1. The question raised in these petitions is as to whether the Securities and Exchange Board of India (for short “the SEBI”) has power to issue show cause notices to the Chartered Accountants in connection with the work which they have undertaken for a listed Company in the matter of maintaining accounts and balance-sheets?

2. These petitions have been filed challenging the action of the SEBI to issue show cause notices to the firm of Chartered Accountants as well as to the individual Chartered Accountants in connection with the audit performed by them. So far as Writ Petition No. 5249 of 2010 is concerned, the same is filed by a partnership firm, which is registered with the Institute of Chartered Accountants of India. The petitioner No.2 of the said petition is the partner of the said firm. So far as Writ Petition No. 5256 of 2010 is concerned, the same is filed by the partnership firms of the Chartered Accountants registered with the Institute of Chartered Accountants of India as well as by the individual partners of certain firms, whose names are mentioned in the cause title of the petition. These petitions are principally directed against the ini