Incorporation of a private limited company.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 September 2011 I am a Chartered Accountant working in an autonomus body as full time employment. I want to incorporate a Private Limited Company with my 3 other friends all are Chartered Accountants working with me.
My Query is "whether a member in industry can be the managing director of a private limited company"
Please suggest me as early as possible.

CA Sumat Singhal

CA Sumat Singhal (Expert)
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29 September 2011 Sir,
As clause 11 of part 1 of schedule 1 of CA Act 1949 deals with CAIP, which says that there is a general permission from council of ICAI to be director or manager of company (other than WTD or MD) unless he has interest in that.
Said clause is not applicable to Members in industry.
Kindly let me know whether this solution has solved your query.
Regards,
CS Sumat Singhal

Querist : Anonymous

Querist : Anonymous (Querist)

05 October 2011 Thank U but there is still confusion. My query is that whether i should take general permission from Council of ICAI as i m working in an autonomous body. Please see the latest case laws and suggest me.

Thanks and Regards
CA. Mukesh Jha.

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