three simple questions

for ur first question

There is no rule that an auditor should not hav any other business

For 2nd and 3rd question

Yes. But he should not hav any liability to the company and he should not hav shares in the company. and more over in the audit report, relationship should be disclosed. Otherwise it will be a professional misconduct.

But in practice no one will think like you. B coz these are all the basic rules for an auditor.

but to become director one should hold qualification shares right??