Piyush a practicing company secretary is planning to establish a multi-disciplinary Professional firm to provide secretarial, financial and medico-legal services. For this purpose, he has invited the following persons fo

Regulation 165A of The Company Secretaries Regulations, 1982 as inserted by the Company Secretaries (Amendment) Regulations, 2020, provides that a Company Secretary in practice may form multi- disciplinary firm with the member of other professional bodies as prescribed under regulations 168A and 168B of The Company Secretaries Regulations, 1982, in accordance with the regulating guidelines of the Council for functioning and regulation of such multidisciplinary firm. Regulation 168B of Company Secretaries Regulations, 1982, determines the membership of professional body for partnership, accordingly for the purposes of entering into partnership under clauses (4) and (5) of Part I of the First Schedule to the Company Secretaries Act, 1980, a person shall be a member of any of the following professional bodies, namely: The Institute of Chartered Accountants of India established under the Chartered Accountants Act, 1949; The Institute of Cost Accountants of India established under the Cost and Works Accountants Act, 1959; Bar Council of India established under the Advocates Act, 1961; The Institute of Engineers or Engineering from a University established by law or an institution recognised by law; The Indian Institute of Architects established under the Architects Act, 1972; The Institute of Actuaries of India established under the Actuaries Act, 2006; Professional bodies or institutions outside India whose qualifications relating to Company Secretary is recognised by the Council under Section 38(2) of the Company Secretaries Act, 1980. Accordingly, in the present case Piyush can form a partnership only with Atul, a practicing Chartered Accountant, Pramod, an Advocate enrolled under Bar Council of Kerala and Shyam, a member of the Institute of Actuaries of India. According to Section 464(1) of the Companies Act, 2013 read with Rule 10 of the Companies (Miscellaneous) Rules 2014, no association or partnership can be formed, consisting of more than 50 persons for the purpose of carrying on any business that has for its objects the acquisition of gain by the association or partnership or by individual members thereof, unless it is registered as a company under the Companies Act, 2013 or is formed under any other law for the time being in force. Provided that the number of persons which may be prescribed under this sub-section shall not exceed 100. However, the same shall not be applicable to an association or partnership, if it is formed by professionals who are governed by Special Acts. Accordingly, such a multi-disciplinary Professional firm formed by Piyush, Practicing Company Secretary can have more than 50 partners, as it is formed by professionals who are governed by their respective Special Acts. There is no upper limit on the number of partners in such professional firm.