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My princi resigned!!! :(

Amrin (Chartered Accountant) (215 Points)

14 January 2014

Hey!!

Its my last 3 months of Articleship remaining as per the DEED.. and i came to know now that My Principal has resigned from the partnership firm a month back in which i was registered in under him ..

My Principal says there wont be any complications... But i have read somewhere regardign some form to be filled.. But still UNSURE...

Please Help!!

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14 Replies

Saurabh Anokhchand Jain (Chartered Accountant) (1043 Points)
Replied 14 January 2014

In case your CA resign there is nothing to worry about the same, since you are registered under CA and not the Firm.

And at time of filling completion form, you have to take signature of your CA.. so dont worry..

Saurabh Anokhchand Jain (Chartered Accountant) (1043 Points)
Replied 14 January 2014

In case your CA resign there is nothing to worry about the same, since you are registered under CA and not the Firm.

And at time of Submiting completion form to ICAI, take the signature of your principle...(What matters is his Membership number and COP)

I think above explation can help you to resolve your doughts.

Amrin (Chartered Accountant) (215 Points)
Replied 14 January 2014

Pakka na?

I dont have to fill form 118 n all na?

DEEPIKA (Student CA IPC / IPCC) (55 Points)
Replied 30 January 2014

Hello Mr. Amrin,
Form - 118 is not required to be filled if your principal resigned from the partnership firm.
It is actually prescribed by ICAI for the persons who registered with CA who works as a paid assistant and not set up his individual practice and working with another CA.

For eg. Mr. X has completed CA and working with another firm just as a paid assistant instead of setting up his individual practice, then the articled assistants who registered under his name will generally show the same firm name and when he resigns from that firm, the articled assistant who registered under Mr. X has to submit form -118 signed by the principal of that firm.

DEEPIKA (Student CA IPC / IPCC) (55 Points)
Replied 30 January 2014

Mr. Amrin,
For clear idea, open the form and see it once.

Amrin (Chartered Accountant) (215 Points)
Replied 30 January 2014

So i dont have to fill any form or anything na?

Like only Service completion and other forms required while terminating articles na

Back in the Game (a) (1273 Points)
Replied 30 January 2014

The deal of member Retiring from partnership firm ,has only effect of member not acting on behalf of partenrship and Firm not acting on behalf the member.

As long as your Principal Who has Retired doesnt have a problem with you working in the Firm and second very important he holds and has not surrendered the COP justifies you Remaining the Article Trainee.

Lastly in addition to above he has got no problem in Signing your Articleship Completion Forms when your Completion is due.

PS: A hypothetical scenario Would be that ICAI officials checking into your Firm ,and asking a justification from your principal on finding you in some other firm as a trainee.The Risk of Which is takeable.

1 Like

Nishant Agarwal (student) (26 Points)
Replied 05 December 2014

The same has happened with me. "The battle' are you sure we don't have a problem if we proceed as what you have mentioned.?

Nishant Agarwal (student) (26 Points)
Replied 05 December 2014

Please someone help me. What should I do? Get registered under another partner. My current principal won't mind signing on the form but he has resigned.

Esha T (Student) (420 Points)
Replied 23 March 2017

Hey! Can you please tell me the conclusion at which you arrived? I'm facing the same situation right now and need help! What forms did you file, if any? Should/can we register under a new CA ? Please reply at the earliest! Thank you.

Ankita Gupta (Student ) (28 Points)
Replied 17 August 2017

but in the name of firm , which firm's name should be mentioned. please help asap.

and i have to fill exam form also. whose seal should be affixed in it.

1 Like

mangesh (employee) (22 Points)
Replied 20 August 2018

Is article need to take principal signature on for 109 for transfer of articleship when CA surrender his COP??

Ishita Goel (5 Points)
Replied 25 January 2022

Sir, paid assistant under whom i was registered left the firm. My firm submit all the required details in the ICAI.... In how many days ICAI usually approve the same so that I can fill form 118.

Please reply asap.

Ishita Goel (5 Points)
Replied 25 January 2022

Sir, paid assistant under whom i was registered left the firm. My firm submit all the required details in the ICAI.... In how many days ICAI usually approve the same so that I can fill form 118.

Please reply asap.