resolution by circulation
This query is : Resolved
06 April 2009
We need to get the board approval for availing facilities with our bank like net banking, phone banking etc. The banks insist on resolution at board meeting. Can we pass these resolutions without a formal board meeting and just by a resolution by circulation?
CA. B.SRINIVASULU
(Expert)
06 April 2009
If you are enjoying any od or occ facilities from your Banker then the resolution has to be passed in the Board meeting only.
If you are not enojoying any credit facilities and your money is being utilsied like usage of current account then the resolution passed by directors in circulation is enough.
If you are not enojoying any credit facilities and your money is being utilsied like usage of current account then the resolution passed by directors in circulation is enough.
06 April 2009
thank you very much. Can you please give a reference section for the same as I need to communicate with the bankers.
CA. B.SRINIVASULU
(Expert)
06 April 2009
Section 292 of the companies act deals with matters for which the resoulutions has to be passed in the board.
It is specific.
Therefore the other matters falling out of that section can be passed through circulation.
It is specific.
Therefore the other matters falling out of that section can be passed through circulation.
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