Legal Question in Banking Law in India

A had a current account in standard chartered bank which is a partnership account .

There are two partners in the firm and any one is elegible as singing authoriy.

Recently, I have came to know that other partner has given advice bank to hold the account .This means no debit transcations can happen. Bank has confirmed me the hold And further i cannot do a transcation. I have not signed the advice given to bank. Same like i request them to unhold the aacount. On this, they replied that both partners need to sign the unhold letter.

I want to know is can bank do it legally.

Thanks


Asked on 2/15/13, 2:18 am

3 Answers from Attorneys
uttam Tibrewal

yes bank can do

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Answered on 2/15/13, 4:12 am
Jayesh Desai Jayesh Desai

Yes, bank can.

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Answered on 2/15/13, 5:38 am
Sanjay Kalra Sanjay Kalra & Associates

No . Bank is suppose to take consent from all the partners or Account holder . The Bank cannot do what they have done..................Please check Sanjay Kalra and Associates on the internet to know more about your query and the legal services we are rendering for our clients from all over the World.

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Answered on 2/15/13, 5:39 am


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