Signing Authorities for Getting LOANS

You can pass a Board Resolution sanctioning the availment of loan from bank as well authorising some specific people (any of the Directors you want) to sign on behalf of the Company for completing the documentations and any other formalities.

The Bank should not have any objection if some of the Directors are signing the documents on the authority of a Board Resolution.

Thanks,

Kind Regards,

Avika Kapoor

Kapgrow Corporate Advisory Services Pvt. Ltd.

New Delhi

avika.kapoor @ kapgrow.com

Dear Abhinav,

all you need is to pass is a board resoloution for the present time as approving loan facility thing automatically demanda the signing authority details and there is to be resoloution regarding the auth. person to sign shall be made generally any one of directors so i dont think that the suppressal of bank to get the doc. signed by all the 5 dir's shall be there.

regards,

karan gandhi

karangandhii @ gmail.com

Thank you.
 
I had given the suggestion of Board Resolution to my bankers 3 days ago but they didn't accept it. Not being from a CA/CS background, I thought maybe I was wrong.

Yesterday, after speaking a bit roughly, the bankers asked their advocates and today morning they gave the same suggestion, i.e., to pass Board Resolution by MD to authorize to sign 2 Directors.

It's very frustrating to deal with bankers who either have lower knowledge or act that way to mold us to do whatever they want.