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CS Professional · Compliance Management, Audit and Due Diligence · Legal Framework Governing Company Secretaries

Shah & Associates, a firm whose partners are all practising members of the Institute, runs offices in Pune and Surat. Both are in India. Which statement is correct under the Act?

Where a practising firm has more than one office in India, each must be in separate charge of a member of the Institute. The firm must send the Council a list of offices and persons in charge and report changes, unless the Council grants an exemption.

  1. AOnly the head office needs a member in charge; branch offices may be run by any employee
  2. BEach office must be in separate charge of a member of the Institute, and the firm must send the Council a list of offices and persons in charge, unless the Council exempts itCorrect
  3. CThe firm need inform the Council only when it opens an office outside India
  4. DThe firm must obtain prior Council approval for each additional office

Explanation

Section 37(1) requires each office to be in separate charge of a member, subject to Council exemption in suitable cases. Section 37(2) requires a list of offices and persons in charge to be sent and changes notified. Prior approval is not required.

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