Director

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bhargav

bhargav (Querist)
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20 January 2014 can ipcc student be as a director of the company??

Nikhil Kaushik

Nikhil Kaushik (Expert)
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21 January 2014 yes you can be subject to the conditions specified by ICAI which are as follows:

An articled/audit assistant may be permitted to be a director in a limited company subject to his satisfying the following conditions:

1. The company in which the assistant proposes to be appointed as a Director should be a family company, that is, a majority of the capital of the company is held by the members of the family of the articled/audit assistant.

2. The company should have been in existence before the assistant had entered into service.

3. Neither the principal nor the firm in which he is employed is a partner or an auditor of the company.

4. The assistant should not be entitled to receive any allowance apart from the sitting fee for attending the directors’
meeting.

5. The assistant should give an undertaking on a stamp paper duly sworn in before a Magistrate that he would not take any active part in the business of the company apart from attending the Directors’ meeting.

6. The other directors should confirm that such an undertaking would not interfere with the normal functioning of the company.

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