COMPANY LAW
SUSANTA KR MUKHOPADHYAY
(Querist) 10 March 2009
This query is : Resolved
IN A PVT LTD COMPANY WHEN THERE IS A MANDATE TO OPERATE THE ACCOUNT BY TWO OF THE THREE DIRECTORS JOINTLY AND THE PARTICULAR RESOLUTION CHAIRED BY THE DIRECTORS HAS RECEIVED PROCEEDS OF THE CHEQUE/ OR BENIFICIARY OF THE CHEQUE SIGNED BY THE ANOTHER DIRECTORS CAN THIS PAYMENT BE REGARDED AS PAYMENT TO THE COMPANY OR TO THE DIRECTOR AND MONEY BE RECOVERED FROM THE COMPANY OR CANNOT BE RECOVERED FROM THE COMPANY.
A V Vishal
(Expert) 10 March 2009
PLEASE BE CLEAR ABOUT YOUR QUESTION?
SUSANTA KR MUKHOPADHYAY
(Querist) 10 March 2009
I NARRATE THIS CASE IN THE MANNER AS IT HAPPENED.IF WE EXTEND CREDIT FACILITY BY WAY OF CASH CREDIT AND HE RESOLUTION TO OPERATE THE BANK A/C WAS TWO OF THE THREE
DIRECTORS AND THE DIRECTOR WHO WAS THE CHAIRMAN OF THE MEETING HAS BEEN ABLE TO PASS A CHEQUE PAID TO SOME DEVELOPERS RELATED TO HIM SIGNED BY ONE DIRECOR ALONE AND LATER ACKNOWLEDGED BY CHAIRMAN THAT THE FACILITY WAS EXTENDED AT HIS INSTANCE AND HE TOOK FULL RESPONSILITY TO LIQUIDATE THE FACILITY CAN THIS BE A CASE MADE TO COMPANY OR TO THE DIRECTOR (CHAIRMAN) ALONE.?
Manish Singh
(Expert) 11 March 2009
Dear Mr Susanta,
here you must examine carefully that under what capacity the chairman has given the surety. if he has just endorsed the payment under his official capacity, then the company shall be bound by the act so done. it shall be understood as the act ratified by the principal as directors act as agents of the company.
sanjeev murthy desai
(Expert) 11 March 2009
In my opinion can not be recovered from Company, becuase chairman does not have any authority (mandatory resolution) to sign the cheques with out director. So I think chariman has personal liability.
Murali Krishna
(Expert) 11 March 2009
The payment has to be regarded as payment to the company. Don'e forget "doctrine of indoor management"
PALNITKAR V.V.
(Expert) 12 March 2009
Doctrine of indoor management protects the outsiders
