ultra virer
This query is : Resolved
01 September 2010
a company takes loan from mr x, a third party, of rs 5 lakhs and use the same rs for the purchasng of some fixed assets. The article bouds the company for takng any loan in excess of rs 2 lakhs. What the remidies wil b avail for mr x after sue on the company.
01 September 2010
No remedies as the act is Ultra Vires i.e. Beyond the powers of the company. Mr.X was supposed to check the AOA of the company before advancing the loan.
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