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Bank operations in case of dispute among the promoters

pradeep k sood (partner)     07 February 2019

pradeep k sood
 22 points

| My Other Post

One of my client a private limited company has four directors: two individuals A and B and their spouses. The company is availing CC limit from bank. The bank is operated on either or survivor basis. Now there is some dispute. A has taken full control of the bank account. B wants to intimate bank about the dispute and request the bank not to allow any operation in the account. Now my query is whether the intimation by B on company letter head shall be enough for the bank to freeze the account. Is there any case law available on the subject.

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