Legal Question in Banking Law in India
cheque not passed due to diff in name
i have received a chq with my company name altered
the party has duly changed the name and has singed below the name
but the bank asks for a rubber stamp
on the sign done next to the alteration
is it correct
3 Answers from Attorneys
Re: cheque not passed due to diff in name
The Bank may insist upon validation of the cutting / change on the cheque.
Re: cheque not passed due to diff in name
Where the drawer of cheque is Company, alteration must follow common seal. Mere signatures are insufficient. Company is a Legal Person, and a Legal Person is recognized with both signature as well as common seal.
Re: cheque not passed due to diff in name
If the cheque is signed by the authorised signatories by affixing a rubber stamp of the company than the alteration should be similarly signed by affixing a rubber stamp containing name of company. better ask them to issue another cheque and return the previous one to them.
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