General and specific permission from ICAI for a member

This query is : Resolved

Ayush Agarwal (Querist)
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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?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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14 April 2020 For family business permission is given take permission from the Institute.

Ayush Agarwal

Ayush Agarwal (Querist)
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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?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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15 April 2020 No, obtain permission from the Institute.

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