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account in the name of Director

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sandeep choudhury

sandeep choudhury (Querist)
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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

Manmohan ACA, CS (Expert)
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30 March 2009 No account must ne opened in name of company, MD can be the authorised signatory

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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31 March 2009 Otherwise it would be regarded as loan from managing director himself.

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