opening of own firm

pankaj (Querist) 11 March 2011 This query is : Resolved
Hi i m in armd forces i wanted to know if i can open a company /firm on my name and the power of attorney is given to my relative who will look after the coy /firm.

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Devajyoti Barman (Expert) 11 March 2011
No, you can not. The POA holder is nothing but an agent of the Principal.

Guest (Expert) 12 March 2011
No Government servant can do any private business in his own name or in the name of any member of his family. That can be treated as a misconduct on your part and you can be proceeded through court martial, if the authorities in the armed forces come to know about that.

Even after opening a company in your name Power of Attorney to some one cannot change your status as the owner of a business and cannot be able to save you from disciplinary action, if any decided to be taken by the authorities.

PS Dhingra
Chief Executive Officer
Dhingra Group of Management & Vigilance Consultants
New Delhi-110089
Mobile: 09968076381
[dcgroup1962@gmail.com]

Advocate. Arunagiri (Expert) 12 March 2011
You can be a shareholder of the company.But,can not be a managing partner.

Guest (Expert) 12 March 2011
Even purchase of shares is also not permissible to the Government employee without the specific approval of the competent authority. That falls within the scope of purchase of movable property.

Chanchal Nag Chowdhury (Expert) 13 March 2011
I do not think that as a member of the Armed Forces, U R entitled to open a company /firm in your name.

sharven kumar (Expert) 13 March 2011
I invite your attention to para 339 of Regulations for the Army part-1 and parallel provisions in Air force and Naval regulations.As a member of Armed forces restrictions are referred therein.While in service you can not indulge in any business.
www.zest4justice.com

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