General and specific permission from ICAI for a member
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14 April 2020
Hello experts,
I hold an active COP from ICAI. However i recently got appointed as a director in a private company (family business) and also hold 50% shares of the same. On SSP, while updating my engagement details under regulation 190A, on the form, ICAI asks for a declaration which states, " I Declare That I And / Or My Relatives Do Not Hold A Substantial Interest In The Business Concern In Respect Of Which Permission For Full-Time / Part-Time Employment Is Sought." As i hold 50% of the shares, i have a substantial interest to which i can't declare. If i don't select this declaration button, i am not allowed to submit the form. So, how should i update my engagement details?
I hold an active COP from ICAI. However i recently got appointed as a director in a private company (family business) and also hold 50% shares of the same. On SSP, while updating my engagement details under regulation 190A, on the form, ICAI asks for a declaration which states, " I Declare That I And / Or My Relatives Do Not Hold A Substantial Interest In The Business Concern In Respect Of Which Permission For Full-Time / Part-Time Employment Is Sought." As i hold 50% of the shares, i have a substantial interest to which i can't declare. If i don't select this declaration button, i am not allowed to submit the form. So, how should i update my engagement details?
14 April 2020
For family business permission is given take permission from the Institute.
15 April 2020
Thanks for your response sir. So as you said, should i select the declaration of not holding substantial interest even though i hold 50% shares of the company?
15 April 2020
No, obtain permission from the Institute.
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