24 December 2014
A member in practice shall be permitted to be a Director (Director Simplicitor),Promoter/Promoter Director, Subscriber to the Memorandum and Articles of Association of any company including a Board Managed Company.
DirectorSimplicitor: (i) the expression 'Director Simplicitor shall be used for an ordinary/simple Director, who fulfills the following conditions : (a) he is required to attend the Board meetings only. (b) He will not be paid any remuneration except the sitting fees for attending the Board meetings; and (c) He will be devoting his time for the company only to attend Board meetings and not for any other purpose. (ii) A member in practice is permitted generally to be a Director Simplicitor in any Company including a Board-Managed Company and as such he is not required to obtain any specific permission of the Council in this behalf irrespective of whether he and/or his relatives hold substantial interest in that Company
CAclubindia
