CA Z is in full-time practice and is considering the following activities: He provides private tutor

CA Z is in full-time practice and is considering the following activities:

He provides private tutorship to CA students within the applicable permission framework and restricts his teaching activity to 25 hours per week.
He becomes a Director Simplicitor of a company in which he and his relatives together hold substantial interest. He is not the auditor of the company, and his role is restricted to attending Board meetings.
He becomes a Whole-time Director of a company in which he and his relatives hold substantial interest, while continuing to hold his Certificate of Practice.
He becomes a Whole-time Director of a company engaged exclusively in Management Consultancy and Other Services permitted by ICAI, and the company complies with the prescribed Corporate Form of Practice requirements. CA Z continues to hold his Certificate of Practice.
He becomes a Director Simplicitor of a company in which his firm is appointed as statutory auditor, although he personally has no financial interest in that company.

CA Z states:

“Since I continue to hold my Certificate of Practice in each case, all five activities can be undertaken without affecting my status as a member in practice.”

Which ONE of the following is correct?

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

B. Activities 1, 2, 3 and 4 are permissible, whereas Activity 5 is not permissible because a CA cannot be a director of his audit client.

C. Activities 1 and 4 are permissible, whereas Activities 2, 3 and 5 are not permissible because substantial interest itself prevents a member in practice from becoming a director.

D. Activities 1, 2 and 5 are permissible, whereas Activities 3 and 4 are not permissible because a member in practice cannot become a Whole-time Director while retaining the Certificate of Practice.