Hi friends! Please help me!
Can any person/s give a Power of Attorney in only Company's name? Or it is nesscessary to write any representative's name of Company while giving POA to Company?
Same while giving POA through Company. Should Company give POA on only company's name without writing any representative's name?
What's law say? Any citation regarding it or in any law it is mentioned?
Thanks & Regards!
-Miss. Seema V. Mangaonkar.
Miss. Seema,
Power of attorney can only be given to any person who is capable of executing it in person. A company is a statutory person and not a natural person. So, a power of attorney cannot be made in favour of a company. if at all it has to be made, it can be made in the name of any director of the company who shall act on behalf of the person giving POA.
Regards,
CA. Amol G. Kabra
Thanks A Lot Mr. Amol!
Ya you r right. but problem is that suppose in partnership firm some executors (Power of Attorney) executed Power of Attorney in favour of partnership firm through its partner. in that case can we say that the POA is favour of the partner. I think ans. is NO! but suppose that partner got retired from partnership firm & if he denied to delegate that powers which he got through the POA to any other person or any other partner. then can that firm by itself use that powers?
In such a case, the power of attorney is in the faovur of the partner but for the purpose of the partnership busuness.
Secondly, POA is not an irrevocable document. Once the partner is retired, he need not delegate the powers he got from the power of attorney. In such case, the existing POA has to be revoked and a new POA has to be registered in favour of the new partner whom you wish to delegate the powers.
Thanks for the clarification. Any citation or case law reference will be very helpful
CAclubindia
