Agreement without resolution
This query is : Open
26 March 2011
Any Agreement already registered by a Pvt. Ltd. for giving poa ,and to enter into development agreement without Board/General (meeting) resolution for the same is Valid or not ?
Jayashree S Iyer
(Expert)
28 March 2011
According to me, POA executed without Board Resolution is legally binding. Nowhere in he Companies Act, Board Resolution is made mandatory for issuing POA.
However as a good corporate governance, it's better to bring the fact of issuing POA to the Board and record it.
You can even now place the matter before the Board in the next meeting and get it ratified.
Other members comment on the subject matter is solicited.
However as a good corporate governance, it's better to bring the fact of issuing POA to the Board and record it.
You can even now place the matter before the Board in the next meeting and get it ratified.
Other members comment on the subject matter is solicited.
28 March 2011
But what effects on bank when it grants loan to Grantee in POA On basis of Without resolution attached to it......?
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