Company bank account operation

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kumar (Querist)

15 July 2013 Dear Sir,

I wants to understand how can a Board of Directors of Pvt Ltd Company change its bank account operation from single authorised signatory to twin authorised signatory?

Brief of the case
Our company have three Board of Directors and one of the director independently handling company account as per board resolution made in the yr 2010. Now other two directors detect some irregularities in the account hence, decide to change single operation mode to twin operation mode in the bank. However the present authorised signatory (Director) is against the proposal. (Also informed that he himself holding 52% of shares of the company and other 2 directors have 40% of share holding, 20% each). Now I wants to understand that a board resolution for change of the above in the bank having two board of directors is sufficient for change in the bank?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

15 July 2013 u need to pass a special resolution and even the articles of company needs to be ammend and allow more then 1 director to operate bank jointly only.

kumar

kumar (Querist)

16 July 2013 Dear Sir,

Thank you for the expert advise, sir one more question is how can other two directors pass special resolution if third director not agreed for the proposal. Is it valid for change of account operation from single to twin?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

16 July 2013 IF MORE THEN 2/3 OF DIRECTOR PASSESS RESOLUTION AGAINST WRONG DOING OF OTHER DIRETCOR THEN THERE IS A CASE LAW N IT WAS HELD THAT REMAINING DIRECTOR CAN DO SO.

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