08 August 2008
Can i withdraw cash from a director cum shareholder a/c.for his individual a/c.(for Bank SB A/c.Cash Depsoit) as like in partnership firm partners a/c.?
09 August 2008
The director can not withdraw cash from the company's bank account for his personal requirement or cash deposit in personal savings bank account like withdrawls made by a partner from the firm. Basically, partner can withdraw from the bank account of the firm on account of his capital account with the firm but the same is not true with the company as the director may be a shareholder but the capital belongs to the company only.
CAclubindia
