Audit firm Price Waterhouse has taken the audit profession regulator, the Institute of Chartered Accountants of India (ICAI), to court. A writ petition has been filed by Price Waterhouse in the Bombay High Court challenging a particular regulation of the institute, in the context of the disciplinary proceedings against the audit firm in the Global Trust Bank (GTB) case.

Yes, we have received a notice this evening. They (Price Waterhouse) have taken a legal recourse, Mr Amarjit Chopra, Vice-President of ICAI, confirmed to Business Line, when contacted on Wednesday. He, however, declined to elaborate. The ICAI President, Mr Uttam Prakash Aggarwal, could not be reached as he was out of the country.