Powers of MD of a public sector undertaking

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Mohammad Imran (Querist)
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22 January 2017 A public sector undertaking intends to change signitories for operating its Deposit account in the bank. Does it need to pass a resolution in this behalf in a board meeting or MD has the power to change the signitories at his will.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 January 2017 If Board has already authorized MD by resolution such powers no need to go to board again. Check the delegation of powers of MD.
If no authorization board approval is required.
Usually such powers are given to Director/Finance in PSUs.

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