https://www.taxtmi.com/caselaws?id=97820 A misleading booklet and related false representations used to induce share purchases can amount to deceit where the representations, read as a whole, create an untrue impression of the company's financial condition. Liability extended to the directors and their agent because the agent acted recklessly or without belief in the truth of the statements, and the directors authorised or permitted the canvassing despite knowing the company's condition had deteriorated. A fraud-based claim was held to be within limitation because time ran from discovery of the fraud, and the suit was not barred by section 171 of the Indian Companies Act, 1913 since it sought damages in tort against the wrongdoers, not rescission or contractual relief against the company. 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 A misleading booklet and related false representations used to induce share purchases can amount to deceit where the representations, read as a whole, create an untrue impression of the company's financial condition. Liability extended to the directors and their agent because the agent acted recklessly or without belief in the truth of the statements, and the directors authorised or permitted the canvassing despite knowing the company's condition had deteriorated. A fraud-based claim was held to be within limitation because time ran from discovery of the fraud, and the suit was not barred by section 171 of the Indian Companies Act, 1913 since it sought damages in tort against the wrongdoers, not rescission or contractual relief against the company. Case-Laws Companies Law Sat, 16 Apr 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97820