https://www.taxtmi.com/caselaws?id=97866 Managing agents lacked authority to bind the company to issue debentures or create a charge, and any promise they made could not operate as a valid contractual obligation against the company. The later tripartite arrangement was not supported by a binding board resolution and did not show the creditor's assent to an enforceable security. On those facts, no completed or enforceable agreement to create a charge was established, and the equitable doctrine treating as done what ought to be done could not apply where the underlying obligation was unauthorized. The creditor was therefore not entitled to specific performance or a first charge over the company's assets. en-us Fri, 14 Apr 1961 00:00:00 +0530 Wed, 18 Jan 2012 13:29:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97866 Managing agents lacked authority to bind the company to issue debentures or create a charge, and any promise they made could not operate as a valid contractual obligation against the company. The later tripartite arrangement was not supported by a binding board resolution and did not show the creditor's assent to an enforceable security. On those facts, no completed or enforceable agreement to create a charge was established, and the equitable doctrine treating as done what ought to be done could not apply where the underlying obligation was unauthorized. The creditor was therefore not entitled to specific performance or a first charge over the company's assets. Case-Laws Companies Law Fri, 14 Apr 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97866