https://www.taxtmi.com/caselaws?id=97820 Actionable deceit was established where an agent made false oral representations and a circulated booklet, issued or permitted by directors who knew of the company's deteriorating finances, induced shareholders to buy shares. Directors were held jointly liable with the agent under principles of vicarious liability and principal-agent responsibility. Damages for shares rendered worthless by fraud were measured by the purchase price, with interest awarded as damages. Limitation for fraud claims runs from discovery under the discovery rule; statutory provision limiting actions against the company did not bar tort claims against directors and the agent. en-us Sat, 16 Apr 1960 00:00:00 +0530 Wed, 18 Jan 2012 12:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97820 Actionable deceit was established where an agent made false oral representations and a circulated booklet, issued or permitted by directors who knew of the company's deteriorating finances, induced shareholders to buy shares. Directors were held jointly liable with the agent under principles of vicarious liability and principal-agent responsibility. Damages for shares rendered worthless by fraud were measured by the purchase price, with interest awarded as damages. Limitation for fraud claims runs from discovery under the discovery rule; statutory provision limiting actions against the company did not bar tort claims against directors and the agent. Case-Laws Companies Law Sat, 16 Apr 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97820