Independent Branch

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Subrahmanyam (Querist)
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06 November 2008 Say "A" a partner of A & Co a chennai based CA firm has an independent branch at mumbai BC & Co (a partnership firm; A, B & C are partners). A's share is 60% and balance is shared by B&C equally. All the activities like operations, professional work etc of BC & Co are taken care of by B&C. If there is any professional misconduct because of B or C while performing duties on behalf of BC & Co what are its implications on A. Will A also be held responsible.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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07 November 2008 If A is a partner of that firm, how can A plead ignorance? On what basis?

Subrahmanyam

Subrahmanyam (Querist)
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07 November 2008 Since A who is in chennai & is not involved in the operations of the said firm; and B& C are charged with governance, directing the firm's work etc.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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07 November 2008 THat stand can not be taken in my opinion.

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