General Circular No. 2/2012
Dated the 1st March, 2012
Subject: Registration of Companies or LLPs which have one of their objects is to carry on the profession of Chartered Accountant, Cost Accountant, Architect, Company Secretary etc.
I am directed to say that at the time of incorporation of companies where one of the objects is to carry on the business of Banking, Insurance or to practice the profession of Chartered Accountancy, Cost Accountancy & Company Secretaries, then the concerned Registrar of Companies shall incorporate the same only on production of in-principle approval / NOC from the concerned regulator/professional Institutes.
2. Further, in this connection, it is also stated that where one of the objects is to carry on the business/profession of Architecture, then the concerned Registrar of Companies /Registrar of LLP shall incorporate the same only on production of in-principle approval / NOC from the concerned regulator.
3. This issues with the approval of CAM.
Yours faithfully,
(Monika Gupta)
Assistant Directors
SCOPE OR POSSIBILITY of differing views, with different strokes cannot be ruled out; much less frowned upon.
Be that as it should, the subject General Circular is seen to provide the necessary guidance to those professionals who have been hotly but inconclusively debating the fundamental point namely,
WHETHER or not, TWO OR MORE PROFESSIONALS, e.g.. CAs OR ADVOCATES CAN PRACTICE THE RESPECTIVE PROFESSION BY FORMING AND REGISTERING THEMSELVES AS A ‘COMPANY’ OR ‘LLP’.
AS SUCH, THOUGH NOT IN DETAIL, THE REFERRED CIRCULAR IS SEEN TO SAY THAT SHOULD BE POSSIBLE PROVIDED THE CONDITIONS, ETC., ARE SATISFIED.
ONE’S IMPROMPTU REACTION, A VERY VIOLENT ONE AT THAT, IS, – “NO; NOT AT ALL”
SUCH A REACTION IS STRONGLY FOUNDED ON, HAVING REGARD TO THE UNSAVORY, UNETHICAL POTENTIALS THE MOVE , MINDLESSLY MADE, ENTAILS.
FOR AN APPRECIATION, OF THE VALIDITY OF THE FEAR BEHIND, ONE MAY HAVE TO STUDIOUSLY GO THROUGH THE VIEW POINTS PUT ACROSS THROUGH PUBLISHED ARTICLES –
(2005) 128 Comp. Cas pg. 1
(2006) 65 SCL pg. 42
>may be contd.