Can a director receoved payment on behalf of company

PREM CHAND ROHANDYA (Self Employed) (145 Points)

27 July 2012  

Dear All

ABC Pvt. Ltd. sold fixed assets to XYZ. XYZ Paid amount to Directors saving bank account. my question is

* Can directors of company received payment on behalf of company?

* Can directors of company pay to Companies liabilities e.g. Bank OD, Creditors, Share Holder or Share Application Money?

* If yes, please give  reference/ notifications