https://www.taxtmi.com/caselaws?id=97202 A managing agent's entitlement to additional commission was upheld because Section 87-C of the Indian Companies Act applied only to managing agency appointments made after the amending Act commenced; the pre-existing agreement and directors' resolutions therefore made the commission validly payable. The company's claim to profits earned by the managing agent from sugar transactions was held not to fall within claims for tortious compensation or agency misconduct, but within the equitable principle that a fiduciary must account for gains made through misuse of position. The residuary limitation article applied, so the suit was within time, subject to deduction of godown rent. en-us Fri, 31 Oct 1952 00:00:00 +0530 Sat, 14 Jan 2012 13:13:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97202 A managing agent's entitlement to additional commission was upheld because Section 87-C of the Indian Companies Act applied only to managing agency appointments made after the amending Act commenced; the pre-existing agreement and directors' resolutions therefore made the commission validly payable. The company's claim to profits earned by the managing agent from sugar transactions was held not to fall within claims for tortious compensation or agency misconduct, but within the equitable principle that a fiduciary must account for gains made through misuse of position. The residuary limitation article applied, so the suit was within time, subject to deduction of godown rent. Case-Laws Companies Law Fri, 31 Oct 1952 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97202