The
Council of the Institute has clarified that the earlier restriction of
maximum of 20 partners permitted for firms under section 11 of the
Companies act, 1956 is no more applicable to the firms as Section 464 of
the Companies Act, 2013 has been notified w.e.f 01.04.2014 wherein
sub-section (1) provides for a maximum number of partners permissible
for business firms at 100 and sub-section
(2) provides that nothing in
sub section (1) shall apply to an association or partnership, if it is
formed by professionals who are governed by special Acts.
Accordingly,
as per proviso to the said section, Chartered Accountants firms are now
allowed to be registered/reconstituted with more than 20 partners w.e.f
01.04.2014 under the Indian Partnership Act as in the case of a firm
under the Limited Liability Partnership Act.
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