Wednesday, June 1, 2011
Friday, April 22, 2011
INVITATION
Dear Friends,
I request your gracious presence on the occassion of Kanakabhishekam of our Grandma,
&
Naming ceremony of our Babe,
on 25th April 2011, by 9.00 A M onwards,
at our residence,
# 764, 7th Cross, 3rd Main, J C Extension, Near Ambedkar School,
HARIHAR - 577601,
Karnataka.
Tuesday, April 19, 2011
Interpretation of the word “Partnership” for the purpose of CA/CS/CWA Act
The Acts governing the three professional Institutes define in Section 2 members who are deemed to be in practice. In all the three Acts, there is a provision for a member to be in practice when he is in partnership with certain others. In the case of Chartered Accountants and Cost & Works Accountants, such persons must be member of the same Institute, while in the case of Company Secretaries, it is provided that the partnership could also be with members of such other recognised professions as may beprescribed.
2 At the time of enactment of the three Acts governing the professional Institutes, only one form ofpartnership existed in India, namely Partnerships under Indian Partnership Act, 1932. Subsequently,Parliament has enacted the Limited Liability Partnerships Act, 2008. Though Limited Liability Partnerships are bodies corporate under Section 3(i) of the LLP Act, the fact that LLPs are basically partnerships may be seen from the definition in Section 2(i) (n) :‐
“ Limited Liability Partnerships means a partnership formed and registered under this Act.
Section 2(i)(q) defines a partner as “any person who becomes a partner in the limited liability
partnership in accordance with the Limited Liability Partnership Agreement”
It is thus clear that a Limited Liability Partnership is also a partnership and its members are also
partners.
3. The matter of permitting member of ICAI, ICWAI and I ICSI was been examined in this Ministry.Acts governing these professionals were passed at a time when limited liability partnership did not exist. It is also clear from the definitions in the Limited Liability Partnership Act that such entities are also partnerships and their members are also partners. In the context of Section 2 of the Acts governing the professional Institutes, this interpretation is also not repugnant to the context. Accordingly, it is clarified that the words “partnership” wherever occurring in the Chartered Accountants Act, 1949, the Cost and Works Accountants Act, 1959 and the Company Secretaries Act, 1980 shall mutatis mutandis be construed as including those Limited Liability Partnerships where all the other partners are natural persons(individuals). The word “partner” shall also be construed accordingly. This clarification shall apply only to these three Acts and not to any other enactment where the word “partnership’ occurs.
4. This issues with the approval of Competent Authority.
2 At the time of enactment of the three Acts governing the professional Institutes, only one form ofpartnership existed in India, namely Partnerships under Indian Partnership Act, 1932. Subsequently,Parliament has enacted the Limited Liability Partnerships Act, 2008. Though Limited Liability Partnerships are bodies corporate under Section 3(i) of the LLP Act, the fact that LLPs are basically partnerships may be seen from the definition in Section 2(i) (n) :‐
“ Limited Liability Partnerships means a partnership formed and registered under this Act.
Section 2(i)(q) defines a partner as “any person who becomes a partner in the limited liability
partnership in accordance with the Limited Liability Partnership Agreement”
It is thus clear that a Limited Liability Partnership is also a partnership and its members are also
partners.
3. The matter of permitting member of ICAI, ICWAI and I ICSI was been examined in this Ministry.Acts governing these professionals were passed at a time when limited liability partnership did not exist. It is also clear from the definitions in the Limited Liability Partnership Act that such entities are also partnerships and their members are also partners. In the context of Section 2 of the Acts governing the professional Institutes, this interpretation is also not repugnant to the context. Accordingly, it is clarified that the words “partnership” wherever occurring in the Chartered Accountants Act, 1949, the Cost and Works Accountants Act, 1959 and the Company Secretaries Act, 1980 shall mutatis mutandis be construed as including those Limited Liability Partnerships where all the other partners are natural persons(individuals). The word “partner” shall also be construed accordingly. This clarification shall apply only to these three Acts and not to any other enactment where the word “partnership’ occurs.
4. This issues with the approval of Competent Authority.
Interpretation of the word “Partnership” for the purpose of CA/CS/CWA Act
The Acts governing the three professional Institutes define in Section 2 members who are deemed
to be in practice. In all the three Acts, there is a provision for a member to be in practice when he is in
partnership with certain others. In the case of Chartered Accountants and Cost & Works Accountants, such
persons must be member of the same Institute, while in the case of Company Secretaries, it is provided
that the partnership could also be with members of such other recognised professions as may be
prescribed.
2 At the time of enactment of the three Acts governing the professional Institutes, only one form of
partnership existed in India, namely Partnerships under Indian Partnership Act, 1932. Subsequently,
Parliament has enacted the Limited Liability Partnerships Act, 2008. Though Limited Liability Partnerships
are bodies corporate under Section 3(i) of the LLP Act, the fact that LLPs are basically partnerships may be
seen from the definition in Section 2(i) (n) :‐
“ Limited Liability Partnerships means a partnership formed and registered under this Act.
Section 2(i)(q) defines a partner as “any person who becomes a partner in the limited liability
partnership in accordance with the Limited Liability Partnership Agreement”
It is thus clear that a Limited Liability Partnership is also a partnership and its members are also
partners.
3. The matter of permitting member of ICAI, ICWAI and I ICSI was been examined in this Ministry.
Acts governing these professionals were passed at a time when limited liability partnership did not exist. It
is also clear from the definitions in the Limited Liability Partnership Act that such entities are also
partnerships and their members are also partners. In the context of Section 2 of the Acts governing the
professional Institutes, this interpretation is also not repugnant to the context. Accordingly, it is clarified
that the words “partnership” wherever occurring in the Chartered Accountants Act, 1949, the Cost and
Works Accountants Act, 1959 and the Company Secretaries Act, 1980 shall mutatis mutandis be construed
as including those Limited Liability Partnerships where all the other partners are natural
persons(individuals). The word “partner” shall also be construed accordingly. This clarification shall apply
only to these three Acts and not to any other enactment where the word “partnership’ occurs.
4. This issues with the approval of Competent Authority.
to be in practice. In all the three Acts, there is a provision for a member to be in practice when he is in
partnership with certain others. In the case of Chartered Accountants and Cost & Works Accountants, such
persons must be member of the same Institute, while in the case of Company Secretaries, it is provided
that the partnership could also be with members of such other recognised professions as may be
prescribed.
2 At the time of enactment of the three Acts governing the professional Institutes, only one form of
partnership existed in India, namely Partnerships under Indian Partnership Act, 1932. Subsequently,
Parliament has enacted the Limited Liability Partnerships Act, 2008. Though Limited Liability Partnerships
are bodies corporate under Section 3(i) of the LLP Act, the fact that LLPs are basically partnerships may be
seen from the definition in Section 2(i) (n) :‐
“ Limited Liability Partnerships means a partnership formed and registered under this Act.
Section 2(i)(q) defines a partner as “any person who becomes a partner in the limited liability
partnership in accordance with the Limited Liability Partnership Agreement”
It is thus clear that a Limited Liability Partnership is also a partnership and its members are also
partners.
3. The matter of permitting member of ICAI, ICWAI and I ICSI was been examined in this Ministry.
Acts governing these professionals were passed at a time when limited liability partnership did not exist. It
is also clear from the definitions in the Limited Liability Partnership Act that such entities are also
partnerships and their members are also partners. In the context of Section 2 of the Acts governing the
professional Institutes, this interpretation is also not repugnant to the context. Accordingly, it is clarified
that the words “partnership” wherever occurring in the Chartered Accountants Act, 1949, the Cost and
Works Accountants Act, 1959 and the Company Secretaries Act, 1980 shall mutatis mutandis be construed
as including those Limited Liability Partnerships where all the other partners are natural
persons(individuals). The word “partner” shall also be construed accordingly. This clarification shall apply
only to these three Acts and not to any other enactment where the word “partnership’ occurs.
4. This issues with the approval of Competent Authority.
Tuesday, April 12, 2011
Certification of e-forms under the Companies Act,1956 by the Practicing professionals
Ministry of Corporate Affairs has been steadily progressing towards total electronic filing and approval regime. Objective is to do away with human intervention in MCA approvals to the maximum extent possible. 2. For this purpose, Ministry of Corporate Affairs has entrusted practicing professionals registered as Members of the professional bodies namely, ICAI, ICSI & ICWAI with the responsibility of ensuring integrity of documents filed by them with MCA in electronic mode. Professionals are now to be responsible for submitting /certifying documents (to be signed digitally by them) and system would accept most of these documents online without approval by Registrar of Companies or other officers of the Ministry. 3. However, to ensure that the data integrity is maintained at all times, there will be checking of such submissions to guard against fraudulent filing. In addition to the penal actions against the companies and their officers in default for furnishing incorrect or false information in the documents as provided under the Companies Act, 1956, action would also be taken on receipt of any complaint, anonymous or otherwise, against such professionals in the following manner:- a) Alleged wrong submissions: In such cases, quick enquiry will be conducted by the concerned RD who will be assessing prima facie, cases of wrong doing by the professionals. Concerned professionals will be given time for furnishing explanation before conveying to a cancellation. b) This report will be submitted to e-Governance Cell of MCA. The Cell will inform in the concerned Professional Institute to initiate an enquiry and complete the same within a month’s time. c) Simultaneously, the concerned professional shall be debarred and shall not be allowed to enter to submit any document on MCA Portal. This debarment will be for a period of 30 days or till the final enquiry report is received from the respective Professional Institute. d) MCA will take a final decision after considering the report so received
Certification of e-forms under the Companies Act,1956 by the Practicing professionals
Refer MCA circuler no 14/2011
Subscribe to:
Posts (Atom)