power to execute leave and license agreement
Bhalchandra Prabhakar Deshpande
(Querist) 01 January 2011
This query is : Resolved
Hi
I have question regarding the authority to execute the leave and licence agreement
The company has its head office in Banglore and its branches located in mumbai, company has given authority letter to executate the leave and license agreement to Regional Manager , but registrar of mumbai refuse to accept the document on ground of non existance of power of attorney to regional manager from Managing Director to execuate the leave and lice4nse agreement
whether letter could suffiennt in such case , company has specifically mentioned the name of the employee to executate the leave and license agreement
registrar refuse on the ground of section 48 of the company act which talk about the power to alloted to specific person to act on behalf of the company
please guide in this regard
if power of attoreny on 100/- stamp paper will sufficient
regards
Bhalchandra P Deshpande
SANJAY GUPTA
(Expert) 02 January 2011
a company can not issue letter of authority and if issued it has no value. company can issue a board resolution or Power of attorney for the same.
Kirti Kar Tripathi
(Expert) 02 January 2011
i agree with Sanjay. authority letter given by company has not value. you can obtain power of attorney from Board of Directors.
R.Ramachandran
(Expert) 02 January 2011
The Managing Director of the Company can give the power of attorney to anyone for doing things for and on behalf of the Company. No separate Resolution of the Board is required. Therefore, if Managing Director gives a power of attorney authorising the Regional Manager to do the act, it will suffice. In fact this is what the Registrar is demanding.
H.M.Patnaik
(Expert) 03 January 2011
The Articles of Association of a Company incorporated uner the Indian Companies Act provides for Power of the Managing Director / Directors. Generally , Managing Director of a Company is vested with the powers to delegate specific power to any employee for ensuring smooth functioning of company's business. In case the AOA of the company in question has not vested that authority on the M.D., then a Board resolution authorising the R.M. to register the requisite agreement with the Regisrar would become necessary .
If the M.D. in the instant case is competent to give a POA in favour any employee as per the provisions of AOA, then the said document can be prepared & submitted to the Registrar for the purpose.
