Icai regulations

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nikhil bapat (Querist)
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03 March 2012 Hi friends..

Whether a member holding COP is liable to seek permission of ICAI in the following case :-

The member is FCA in full time practice. He has been nominated as a Professional Director on the BOD of a Co Op Bank.

Pls reply!!

Ajay Mishra

Ajay Mishra (Expert)
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04 March 2012 Hi

Yes, you can be appointed as director with the permission of council.

To empower the members to face the emerging challenges in the service sector as well as to equip them for the opportunities in the non-audit service area, the Council decided to allow members in practice to hold the office of Managing Director, Whole-time Director or Manager of a body corporate within the meaning of the Companies Act, 1956 provided that the body corporate is engaged exclusively in rendering Management Consultancy and Other Services permitted by the Council in pursuant to Section 2(2)(iv) of the Chartered Accountants Act, 1949 and complies with the conditions(s) as specified by the Council from time to time in this regard.

Regards

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