Bank operation

Sudipta Dutta (Querist) 01 January 2016 This query is : Resolved
Sir,
We are a private Ltd. company incorporated under the company act 2013. Having 6 directors with following no. of shares

a) 4500
b) 200
C) 300
d) 1667
e) 1666
f) 1666

We took a resolution in a meeting where (a), (d), (e), (f) were present to open bank A/C with a bank and to be operated by (e) & (f) and they will be the authorised signatories for all transactions of the company.
Suddenly due to some difference of opinion (a) has intimated the bank to block the a/c.
Accordingly the bank has stopped operation.
My question, is it as par law is correct from the side of the bank to stop operation without getting any resolution of board.

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Guest (Expert) 01 January 2016
Bank is right, but your problem does not seem to be a real one but a hypthetical academic query.

Your company has 6 directors, but does not have even a single accounts personnel/ CA or Secretary to guide the directors to help transact the company's business! Is not it a hypothetical position?

Adv. Yogen Kakade (Expert) 02 January 2016
What are the reasons given to the bank in an application to stop the transactions? and what authority has been shown by A to present such application?
Adv. Yogen Kakade
Jurycon Incorporation
Advocates & Consultants
Email: juryconincorporation@gmail.com
Web: www.juryconn.in

Kumar Doab (Expert) 02 January 2016
Expert Mr. Dhingra has made precise observation.

Rajendra K Goyal (Expert) 05 January 2016
Bank should avoid to be a party in such internal dispute and ask for the resolution of the majority of the directors.

T. Kalaiselvan, Advocate (Expert) 09 January 2016
The action by bank on intimation by a mere director without even a resolution to this effect is illegal and the bank has to answer for it if a legal notice is issued to it.

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