https://www.taxtmi.com/caselaws?id=96904 The Court found the firm's claim as a creditor valid for the full amount and directed inclusion in the list of creditors. Ramanathan had authority to borrow money for the company, supported by formal agreements and board resolutions. The firm and company's books were deemed reliable. Directors were unaware of Ramanathan's misconduct until later, and the company was held liable for the borrowed amounts due to Ramanathan's authorized actions. The Court emphasized Ramanathan's authority, book reliability, and lack of director knowledge in fraudulent activities. en-us Thu, 10 Feb 1944 00:00:00 +0630 Fri, 13 Jan 2012 10:24:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96904 The Court found the firm's claim as a creditor valid for the full amount and directed inclusion in the list of creditors. Ramanathan had authority to borrow money for the company, supported by formal agreements and board resolutions. The firm and company's books were deemed reliable. Directors were unaware of Ramanathan's misconduct until later, and the company was held liable for the borrowed amounts due to Ramanathan's authorized actions. The Court emphasized Ramanathan's authority, book reliability, and lack of director knowledge in fraudulent activities. Case-Laws Companies Law Thu, 10 Feb 1944 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=96904