Filing of board resolution

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 August 2014 Sir
A Newly Incorporated Company wants to open a current account. Bank is requiring a Copy of Board Resolution duly filed with ROC along with Payment Receipt.
Is there provision in law that the Board resolution for opening bank account to be filed with ROC.
If it is required, then which section to quote in form MGT-14.
Please reply. It's Urgent.

CS Mitesh Mehta

CS Mitesh Mehta (Expert)
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22 August 2014 Board resolution for opening of bank account need not required to be filed with ROC.

Ankur Garg

Ankur Garg (Expert)
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24 August 2014 No need to file form MGT 14 in above mentioned case.

Filing of form MGT.14 is mandated by section 117 of the Companies Act, 2013. Section 117(2), prescribe the penalty for non-filing of form MGT.14.

As per Section 117(2), if a company fails to file the resolution or the agreement under sub-section (1) before the expiry of the period specified under section 403 with additional fee, the company shall be punishable with fine which shall not be less than five lakh rupees but which may extend to twenty-five lakh rupees and every officer of the company who is in default, including liquidator of the company, if any, shall be punishable with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees.

For more clarity about form MGT.14 read my article available at the link mentioned below:

https://www.caclubindia.com/articles/list-of-resolutions-to-be-filed-with-roc-in-form-mgt-14-20664.asp#.U8O57KM27cs

Thanks