https://www.taxtmi.com/caselaws?id=98278 A contract to introduce a financier and earn commission was held to fall within the company's memorandum because the objects clause expressly permitted ancillary, incidental and conducive business connected with the company's development activities and asset dealings. The court treated the arrangement as an isolated commercial transaction linked to financing needs, not a separate speculative venture, and accepted that a bona fide opinion of the directors could satisfy the memorandum's requirement that the business be advantageous in connection with the company's objects. The arrangement was therefore intra vires and the ultra vires defence failed. en-us Fri, 01 Apr 1966 00:00:00 +0530 Fri, 16 Feb 2018 11:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98278 A contract to introduce a financier and earn commission was held to fall within the company's memorandum because the objects clause expressly permitted ancillary, incidental and conducive business connected with the company's development activities and asset dealings. The court treated the arrangement as an isolated commercial transaction linked to financing needs, not a separate speculative venture, and accepted that a bona fide opinion of the directors could satisfy the memorandum's requirement that the business be advantageous in connection with the company's objects. The arrangement was therefore intra vires and the ultra vires defence failed. Case-Laws Companies Law Fri, 01 Apr 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98278