CA M, a Chartered Accountant in practice, enters into the following arrangements: He agrees to share

CA M, a Chartered Accountant in practice, enters into the following arrangements:

He agrees to share a portion of his professional fees with an MBA who has obtained his degree from a university established by law and who is assisting him in rendering a permitted professional service.
He enters into partnership with a person holding only a Bachelor of Law degree from a university established by law, but the person is not enrolled as an Advocate with the Bar Council.
He enters into partnership with an Advocate who is a member of the Bar Council of India.
He agrees to share professional profits with an MBA whose qualification is from a university established by law.
He enters into partnership with an MBA whose qualification is from a university established by law.

CA M argues:

“Since MBA and Bachelor of Law are prescribed qualifications for certain purposes under the Regulations, a person holding either qualification can automatically become my partner in practice.”

Which ONE of the following is correct?

A. Arrangements 1, 3 and 4 are permissible, whereas arrangements 2 and 5 are not permissible.

B. Arrangements 1, 2, 3 and 4 are permissible, whereas arrangement 5 is not permissible because an MBA cannot become a partner.

C. Arrangements 1, 3, 4 and 5 are permissible because both MBA and Bachelor of Law are prescribed qualifications under the Regulations.

D. Arrangements 2, 3 and 5 are permissible because partnership is permitted with persons having recognised professional or academic qualifications.