Latest Update from MCA

Ministry of Corporate Affairs in order to regulate the formation of Companies and Limited Liability Partnerships (LLPs), which wish to provide certain specified services, has issued a General Circular No. 2/2012 dated March 1, 2012.

As per the aforesaid circular, the companies which have one of their objects of carrying on the business of Banking, Insurance or to practice the profession of Chartered Accountancy, Cost Accountancy or Company Secretaries shall be required to furnish in-principal approval or NOC from their respective regulators or professional institutes with Registrar of CompaniesLLP at the time of incorporation.

Further
as follow up to the General Circular dated October 10, 2011, whereby
the Registrar of Companies/LLP were directed not to register companies
or LLPs with architecture as one of the objects till the next direction,
it is now clarified that they can now proceed with such registration,
provided that NOC from the concerned regulator is furnished.  

Our Views: The
requirement for professionals like CA/CS/CWA to take permission from
respective professional institutes before forming LLP to practice their
profession is in line with latest amendment in there respective statues,
whereby they were allowed to form LLP to practice their professions.