Ca - as executive/professional director & in practice?

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This query is : Resolved

CA Parag Jani (Querist)

22 September 2014 Dear All

I am a practicing chartered accountant at present. I have been approached by promoters of a public limited company to join them as a director on their board as "Professional Director" or "Whole Time Director" or as "CFO" of their company.

I have a doubt if I can continue my practice by holding COP and also continue on board of this company as director or not? If I can do so, in which capacity - Professional Director / Whole Time Director / CFO / Other Capacity? What are the rules & regulations of ICAI in this regard? Specific approval of council required in this case or not?

Please advise. Prompt reply will be highly appreciated.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

22 September 2014 only as an independent/ non exuctive director u can continue with cop and practice else u cannot practice in other cases.

CA Parag Jani

CA Parag Jani (Querist)

22 September 2014 Promoters want me to get hold of Financial Control of the group as a whole. I can not be considered as Non Executive in that case, right? and as Independent director, I can not deal with Financial Business (means signing authority). Please clarify.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

22 September 2014 you can do 1 thing as an advisor u stay with them but do all the dec making and analysisng work as if u were the director but not signing part if u want to keep ur ca fimrm alive

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