Can a ca in practice become a director in private limited co

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Querist : Anonymous

Querist : Anonymous (Querist)

01 May 2014 Dear Experts, kindly assist me and let me know whether a chartered accountant in practice can become a director in a private limited company. and if so possible than what legal processor should be followed by him. looking forward to hear from you all soon.
Thanks & Regards

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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01 May 2014 The Ethical Standards Board, at its 115th Meeting held on 23rd April, 2011 after discussions decided that a CA in practice can be a ‘Director Simplicitor’ , which includes an independent director. The independent directors are part of the Board where the Accounts are approved , they being party to approval of financial statement. As such, there is no bar in their signing the financial statement. However, they can not be involved in the day to day affairs of the company.

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http://www.icai.org/post.html?post_id=7845

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