https://www.taxtmi.com/caselaws?id=96694 A security deed described as a suretyship was treated according to its substance: it created a joint and several liability supported by consideration arising from the tripartite financing arrangement and implied forbearance to sue. The deed nevertheless could not be enforced by Sassoons because the authorising resolution was invalid where interested directors were disqualified from voting and the surrounding circumstances defeated reliance on indoor management. The article also notes that borrowings within the directors' authorised limit under Article 73 remained recoverable where the company had actually and bona fide received the funds for its business. en-us Wed, 18 Sep 1935 00:00:00 +0530 Tue, 10 Jan 2012 13:21:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96694 A security deed described as a suretyship was treated according to its substance: it created a joint and several liability supported by consideration arising from the tripartite financing arrangement and implied forbearance to sue. The deed nevertheless could not be enforced by Sassoons because the authorising resolution was invalid where interested directors were disqualified from voting and the surrounding circumstances defeated reliance on indoor management. The article also notes that borrowings within the directors' authorised limit under Article 73 remained recoverable where the company had actually and bona fide received the funds for its business. Case-Laws Companies Law Wed, 18 Sep 1935 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96694