account in the name of Director
This query is : Resolved
sandeep choudhury
(Querist)
30 March 2009
Can a loan accout be opened in the name of Managing Director in the private company where in which his day-to-day deposits and withdrawl can be recorded. As in a private company the Managing Director provides maximum fund and does frequent withdrawls.
Manmohan ACA, CS
(Expert)
30 March 2009
No account must ne opened in name of company, MD can be the authorised signatory
CA Nitin Wadhwani
(Expert)
31 March 2009
Otherwise it would be regarded as loan from managing director himself.
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