Execution of loan documents by shareholders
This query is : Open
09 September 2022
Sir,
Can shareholders of a private limited company execute loan documents on the basis of resolution.
Can shareholders of a private limited company execute loan documents on the basis of resolution.
09 September 2022
Yes, as it's based on resolution.
09 September 2022
Sir, As per CA-2013, only a KMP , or an officer or an employee can sign on behalf of Company. So can we regards shareholder as one of these? Regards
09 September 2022
No, I agree with you shareholder can't sign.
15 September 2022
Shareholders don't have any authority to sign on behalf of company as it functions through board. however, in terms of s.179, board can exercise all powers including a power to authorise anyone(shareholder as well) to sign loan documents and in that case, shareholder can sign.
s.21 says document may be authenticated by a key managerial person or by an officer duly authorised by board but that does not anyway restrict boards power to authorise anyone else for that purpose as ultimately board is supreme.
I answer only for general purpose discussion.
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