Y. K. Sabharwal, J.

( 1 ) M/s. Price Waterhouse- Petitioner No. 1 is a firm of Chartered Accountants. Petitioner No. 2 is one of the partners of the said firm. The respondent - The Institute of Chartered Accountants of India ( for short the Institute ) has been established under the Chartered Accountants Act, 1949 (hereinafter referred to as the Act ). The council constituted under Chapter III of the Act initiated disciplinary action for professional misconduct against the petitioner firm and on receipt of the report from the disciplinary committee that the member is not guilty of any professional misconduct, the Council instead of accepting the report has directed the disciplinary committee to conduct a further enquiry, which action is under challenge in this petition. Briefly the facts which lie in a narrow compass are:-

( 2 ) THE Export-Import Bank (for short exim BANK ) commissioned the services of petitioner firm to assist the bank in the preparation of a booklet entitled " India - Your Software Opportunity". The need for such a booklet has been explained by EXIM Bank in the inside cover of the booklet, which reads as under:-

"as part of the overall strategy to put India o

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