Can a member in practice be Promoter/
Promoter Director of the Company?

Yes, there is no bar for a member to be a promoter/signatory to the Memorandum and Articles of Association of any company.

There is also no bar for such a promoter/signatory to be a Director Simplicitor of that company irrespective of whether the objects of the company include areas, which fall within the scope of the profession of Chartered Accountants. Therefore, members are not required to obtain specific permission of the Council in such cases. There is also no bar on holding any number/percentage of shares in the Company.

SOURCE: ICAI MAY 2022 JOURNAL https://resource.cdn.icai.org/70200cajournal-may2022-7.pdf

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