https://www.taxtmi.com/caselaws?id=96956 A company's borrowing and investment transactions, where authorized by its memorandum and articles, are not ultra vires merely because directors may have misused that power. The alleged misuse was treated as an issue of excess authority or misapplication within the company, remediable under company law rather than as a challenge to the company's external powers. The dispute also concerned internal management, because it went to the wisdom and propriety of directors' decisions over company funds. Civil courts would not grant declaratory or injunctive relief on such an internal corporate matter, leaving any remedy to the Companies Act framework. en-us Wed, 12 Feb 1947 00:00:00 +0530 Fri, 13 Jan 2012 14:33:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96956 A company's borrowing and investment transactions, where authorized by its memorandum and articles, are not ultra vires merely because directors may have misused that power. The alleged misuse was treated as an issue of excess authority or misapplication within the company, remediable under company law rather than as a challenge to the company's external powers. The dispute also concerned internal management, because it went to the wisdom and propriety of directors' decisions over company funds. Civil courts would not grant declaratory or injunctive relief on such an internal corporate matter, leaving any remedy to the Companies Act framework. Case-Laws Companies Law Wed, 12 Feb 1947 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96956