Reg. bank transactions

Anil (Querist) 27 September 2012 This query is : Resolved
I AM THE DIRECTOR IN XYZ PRIVATE LIMITED AND FOR OPERATIONS I GIVE THE PERMISSION TO ANOTHER DIRECTOR FOR OPERATE BANK ACCOUNTS BY ANY ONE .
NOW I WANT TO CHANGE THIS( TRANSACTION DONE BY BOTH SIGNATURES) BUT ANOTHER DIRECTOR NOT AGREE FOR PASS THE RESOLUTION .
HOW I STOP THE BANK OPERATIONS NOW.

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Kiran Kumar (Expert) 27 September 2012
Ask for the bank rules in this regard

visit the bank and seek help of the Manager there.

Arvind Singh Chauhan (Expert) 27 September 2012
I am also anxious to know the answer plz.

Rajeev Kumar (Expert) 27 September 2012
Contact the bank officers on this matter. Pass a resolution by calling a meeting of board of directors.

V R SHROFF (Expert) 27 September 2012
Pass Resolution in Board of Director of your Company issue to bank certified cooy to do needful.

Guest (Expert) 27 September 2012
How many directors are there, who happens to be the managing director and whether the board has already delegated powers to the MD to open bank account, nominate operators of account, etc.?

Some more details would also be required after the requisite information.

R.K Nanda (Expert) 28 September 2012
state full details.

malipeddi jaggarao (Expert) 28 September 2012
While opening the Ltd.Company, the Bank insists for Board resolution wherein the operational instructions i.e., who have to operate the account would be spelt out clearly. For any change of operations, another Board Resolution is to be passed. The copy of such resolution duly signed by the Chairman of the meeting (Managing Director) is to be submitted to the Bank.

Anil (Querist) 28 September 2012
we are 2 directors in the company for bank operations we pass the resolution . cheuqe or other banking is done by any one or survivor . now i want to change it and any bank operation is done by both the signatures for this purpose bank want the resolution but another director is not agree to pass this resolution pls. let me know is that possible to stop the bank transactions or not

malipeddi jaggarao (Expert) 29 September 2012
This is the extreme step one has to take to stop the operations of the company. Any director can give a letter to bank to stop existing operational instructions. If the other director gives a letter stating that there is a dispute among the directors and bank should stop allowing single director operations, the bank will stop the operations. This is the extreme step one has to think carefully as the entire operations in the account will come a stand still and to run the day to day business of the company becomes difficult. It will spoil the image of the company in the eyes of the Bank and in future if the company requests any credit facilities, definitely the bankers will consider that there is a dispute/disagreement among the directors and they may hesitate to give loans to the company. Hence it is better to convince the other director for joint operations and pass a resolution to that effect and submit the resolution in the normal course to the bank for change of existing operational instructions.

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