The Ministry of Corporate Affairs (MCA), Govt. of India, has conveyed the approval of the Competent Authority on the amendments in Regulations 58 of Chartered Accountants Regulations, 1988 and accordingly, the Notification (in Hindi & English versions) has been notified in the Gazette on 22nd June, 2021. The copy of notification is webhosted at Institute’s website under the link https://resource.cdn.icai.org/65365council52693.pdf
The Institute has implemented the revised Regulation 58 as under:
58. Supplementary Articles
- (1) An articled assistant who has taken leave in excess of the period of leave to which he is entitled under Regulation 59 shall be required to serve for a further period equivalent to the excess leave taken by him.
- (2) The period of excess leave taken shall be served under the principal with whom such articled assistant last served his articles and a supplementary deed of articles in the form approved by the Council (Form 107) shall be executed in continuation of the previous articles.
- (3) The supplementary deed, duly stamped, shall be sent to the Secretary for registration so as to reach him within 60 days of the expiry of the previous articles. No fee shall be charged for the registration of such supplementary deed of articles:
Provided that the Executive Committee may condone the delay in sending the supplementary deed in appropriate cases.