In this article we will discuss the process of changing of authorized signatory in the bank account of the company in India, there may be a situation that either Director of the company has resigned from the Board who was also acting as an authorized signatory in the Company bank account or any other person has resigned from the post of the authorised signatory or he has been assigned other duties or any other case, the company has to intimate the same to the respective bank that such person who was acting as authorized signatory has been changed and the following new person has been appointed to act as an authorised signatory to the bank account of the company, in this case following step by step procedure is required to be followed
Certified copy of Board Resolution
In this case the first step is to take certified copy of resoltuoin passed for change in authoired signatry ,any of Directors can provide or any Director specially auhtoirued will provide the signed copy of resoltuoin, The Board Resolution should contain all the information that following person was authorised signatorty in the bank on behalf of company and now he has resigned and powers has been vested to such other person.
Prepare Covering Letter for Change in Authorised Signatory
Now company is requried to prepare the Covering letter to the Branch Manager of Bank in which company wants to change the authorised signatory
Following information is requrired to be mentioned in covering Letter :
1. Name of Bank and Bracnh
2. Account no of the Company
3. Account Type, Current or CC etc
4. Name of Existing Authorised Signatory
5. Name of New Auhorised Signatory
6. Designation of New and Existing Auhorised Signatory
7. Date an Time when Existing Authorised Signatory Ceased to act as Authoirsed Signatory
8. Effective Date from which New Authorised Signatory will act as Authorised signatory or with immediate effect
9. Date and Place
10. Stamp of Company
11. Signature of Director Authorised
Enclose Necessary Supporting Documents
Along with covering letter , enclose necessary Supportig documents like:
1. Resignation Letter
2. New Appointment Letter
3. Board Resolution for Change in Signatory
4. If, Resignation of Director of Company Form DIR-12
5. Any other supporting documents which are necessary
Submit to Bank Branch
Once all the above are compelte than submit it to bank and let the bank process the application
Follow up with Bank Branch
After 2-3 days follow up with Bank Branch on the status of application submiited
