08 January 2008
THE DIRECTOR IF HE IS NOT DISQUALIFIED UNDER SECTION 274(1)(g) OF COMPANY'S ACT AND OTHER APPLICABLE REGULATIONS LIKE UNDISCHARGED INSOLVENT,CRIMINAL RECORD HOLDER,MINOR,MENTALLY INCOMPETENT ETC..., THERE IS NO BAR FOR ANY PERSON INCLUDING C.A TO BE A DIRECTOR.
UNDER ICAI REGULATIONS,THE POSITION IS AS GIVEN BELOW. Clause (11) - Practising member prohibited from engaging in any business or occupation other than the profession of chartered accountants unless permitted by the Council so to engage, except being a director of a company, unless he or any of his partners is interested in such company as an auditor --- Regulations 190A Chartered Accountant in practice not to engage in any other business or occupation Appendix (9) - Chartered Accountants Regulations, 1988 (2002 edu.) (A)Permission granted generally --- (B) Permission to be granted specifically - Director of a Company - Promoter/Promoter-Director --- SO C.A CAN BECOME DIRECTOR WITH CONSENT OF ICAI. R.V.RAO
08 January 2008
does it mean that a CA can be non-executive director of a co without permission of ICAI.. but if he wants to be excutive director then permission of ICAI is reqd????
27 January 2008
Yes, he can be Non-ED. For being ED he has to surrende COP as it involves substantial interest in the business. Deepak Parekh of HDFC is the Chairman at present. When he was ED he did not hold COP.
CAclubindia
