New Delhi: The Supreme Court has dismissed
US-based Chartered Financial Analysts Institute chief Jeffrey
J Diermeier`s plea seeking stay on defamation proceedings
against him by his former Indian partner ICFAI.
A bench comprising Justice D K Jain and Justice H L Dattu
dismissed the petition of Diermeier seeking stay on a
defamation case filed by the Institute of Chartered Financial
Analysts of India for publishing notices warning industry
against the CFA programme launched by ICFAI.
CFAI and ICFAI are at loggerheads over a course of
Chartered Financial Analyst in India. Earlier in 2006, the
Delhi High Court had restrained ICFAI from conducting the
course and awarding the `CFA` degree.
Earlier, the Calcutta High Court had dismissed
Diermeier`s plea to quash the summons issued by the local
trail court in the defamation case, saying that it cannot do it
without finding the full facts.
"... In absence of any evidence on record, we find it
difficult to return a finding whether or not the CFAI has
satisfied requirement... neither be possible nor appropriate
for this court to comment on the allegations levelled by
respondent ICFAI and record a final opinion whether these
allegations do constitute defamation," the apex court said.
CFAI and ICFAI had entered into a licence agreement in
1985 to conduct a Chartered Financial Analyst (CFA) programme
in India. However, they parted ways in 1997 after the CFAI
found that ICFAI was not adhering to the required standards
Following it, both fought cases against each other over
the use of word `CFA` by them. In 2006, the Delhi High Court
gave a verdict in CFA`s favour but it also clarified that
its order would not apply for ICFAI`s session students at that
time till they finished their course.