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Want to freeze our Private Limited company’s bank account
02-Jun-2023 (In Startup Law)
We are a total of 3 director/ partners, currently there is a verbal despite among us on clearing dues of two of our vendors/ creditors. Two directors want that the payment should be distributed as 70% to vendor “A” & 30% to vendor “B”. However, I want that the payment to be distributed equally & I want the bank account to be inactive by the time we get this sorted, to avoid any uninformed transaction.
A lot depends on facts why they want disbursal of payment in particular manner and why you want it in different manner. In any case the power to take decision on this issue would vest with either board or the managing director depending upon how the Articles of Association are framed. If it is a partnership then it would depend upon the partnership deed. If you have the power to authorise the bank on behalf of your organisation then you may write to bank to not allow any disbursal of payments until further instructions. Otherwise you may also go to court.
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