Does closure of bank account by a Company require Board approval?
kartheekkangati
(Company Secretary)
(40 Points)
Replied 19 August 2011
yes board approval is required for closing a bank account
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17848 Points)
Replied 19 August 2011
Exactly it requires Board approval and resolution as well.
SkDash
(CS (Member) CWA (Final))
(909 Points)
Replied 19 August 2011
if the resolution for opening the same bank account authorises any of the director or two/more of them to apply to bank to close the account, then there is no need for the board approval again
NIRAJ GOEL
(PROP.)
(107 Points)
Replied 19 August 2011
yes it is required. as even we close individual account, the bank take this request in writing.
as a company do act thriugh Diretcors and directors collectively act as board through resolution.
hope i m right
GURMUKH
(CS)
(81 Points)
Replied 19 August 2011
Bank will ask for certified copy of Board Resolution for closing the account
CAclubindia
