Formation of Pvt Ltd by a Practicing CA

Dear Sir/Mam

I am a Practicing CA, I want to form a Pvt ltd company with one of my non CA friend wherein we plan to provide management support services to different financial entities.

So now my query is could I do so, further can I be appointed as a director in that company, further is there any kind of approval is needed from the Institute and if yes procedure for the same.

Thanks in advance.