Cop and directorship

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 October 2011 Hello Guys
I have cleared my CA Final Exam and now thinking to apply for COP.
I am 31% share holder in a closely held private limited in which there are only 4 share holders (including me) which are all from my family. I am also one of the director of this company. We four share holders and directors regularly draw remuneration from the company. It is a consultancy company in which we provide consultancy for finance, marketing. Now i want to apply for COP and also want to continue as a director in the company as i was before.
Is it possible for me to do so?
If yes will you please tell me which forms i should feel up and submit to the Institute?

CS Divya Sorayan

CS Divya Sorayan (Expert)
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10 October 2011 U can surely apply for your COP and u can be appointed as director with professional qualification in your company.

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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10 October 2011 Pl read the following regulatory guidelines of ICAI.

A member in practice shall be permitted to be a Director (Director Simplicitor) of any company including a Board managed company.

Director Simplicitor means:-
(i)the expression 'Director Simplicitor shall be used for an ordinary/simple Director, who fulfills the following conditions:

(a) he is required to attend the Board meetings only.
(b)He will not be paid any remuneration except the sitting fees for attending the Board
meetings; and
(c)He will be devoting his time for the company only to attend Board meetings and not for any other purpose.

(ii)A member in practice is permitted generally to be a Director Simplicitor
in any company including a Board-Managed Company and as such he is not required to
obtain any specific permission of the Council in this behalf irrespective of whether he and/or his relatives hold
substantial interest in that Company.

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