Legal Question in Banking Law in India

Banking

A partnership firm of mr. A and mr. B (karta of huf) wants to open a cuurent account of their firm in bank with firm name xyz enterprises.But bank is not opening the current account on the basis of some ruling of h'ble supreme court.Kindly solve my problem .


Asked on 7/13/09, 12:18 pm

4 Answers from Attorneys
Pranav Desai PD Legal & Associates

Re: Banking

Yes, based on the ruling a banking notification was issued by the RBI. Though, the notification only states that the bank need to be cautious in relation where HUF is involved. Hence, you can consider approaching another bank.

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Answered on 7/17/09, 5:18 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: Banking

You may ask the bank to provide you reasons for refusal.

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Answered on 7/14/09, 3:40 am
Rohini Kumar Tenneti R.K.1080 LEGAL SERVICES

Re: Banking

You have to provide the reason given by the bank.There must be so many rulings of the apex court.

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Answered on 7/14/09, 4:04 am
J. Radhakrishnan independent Practice

Re: Banking

As far as I know there is no Supreme Court judgment prohibiting opening of an account in the firm's name. But the account will be opened in the firm's name with A & B signing as partners and not B as Kartha of some HUF.

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Answered on 7/14/09, 8:40 am


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