Company bank account operation
This query is : Resolved
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?
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?
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.
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?
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?
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.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Fixe term employment
- Is any professional CA is here please reply
- GST ITC REVERSE
- Gift Received from nonblood relative
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Putting a heading on received mail
- Reprocessing of rectification order AY 2025-26
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Consolidated financials
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
