Ca - as executive/professional director & in practice?
This query is : Resolved
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.
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.
22 September 2014
only as an independent/ non exuctive director u can continue with cop and practice else u cannot practice in other cases.
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.
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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