JUDGMENT

YASHWANT VARMA, J.

PREFACE

1. This batch of writ petitions instituted by individual Chartered 8 Accountants, [CAs] as well as auditing firms assail the validity of Section 132(4) of the Companies Act, 2013, [Companies Act]. A challenge is additionally raised to Rules 3, 8, 10 and 11 of the National Financial Reporting Authority Rules, 2018, [NFRA Rules]

2. For the purposes of the challenge which stands raised to the statutory provisions aforenoted, the petitioners seek a declaration that those provisions be struck down as being unconstitutional on the ground of being arbitrary and ultra vires. In the alternative, the petitioners seek an appropriate declaration to the effect that Section 132(4) of the Companies Act as well as Rules 3, 8 10 and 11 of the NFRA Rules be held not to apply to any audit completed before 01 October 2018. The prayer in the alternative essentially calls upon the Court to read down those provisions as being inapplicable to audits that may have been completed prior to the introduction of Section 132 in the Companies Act and thus avoid a declaration of invalidity being rendered.

3. The petitioners in this batch have individually impugned the notices issued