director not signing documents required for funding in busin

kumud (Querist) 25 November 2015 This query is : Resolved
We are 3 directors two one having (51% share and other having 24% )agreed to sign on finance document of bank one(24% shareholder) is not agreeing for same can we get it financed .

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DR.VEDULA GOPINATH (Expert) 27 November 2015

Yes.
Inform the Bank that the other Director shall not sign the Bank documents.

Majority of the shareholding direcdtors shall sign the documents.

You may pass a Board resolution accordingly.

cs Dr vedula gopinath advocate/arbitrator vgnath@gmail.com

Advocate. Arunagiri (Expert) 27 November 2015
It is not necessary that all the directors should sign in the loan document.

A board resolution, authorizing a Director to borrow is sufficient. Based on this board resolution, the authorized director alone can sign the loan document on behalf of the company.

Guest (Expert) 27 November 2015
Well advised by Director.

Rajendra K Goyal (Expert) 27 November 2015
Agree with the expert Advocate. Arunagiri.

Advocate/CS Sanjeev Kataria (Expert) 29 November 2015
Agreed with expert, Pass BR authorising the signing of the documents on behalf of the company. All the directors sign not required