https://www.taxtmi.com/caselaws?id=98433 The appellate court set aside the lower appellate court's decision and restored the trial court's ruling in favor of the bank. It was held that the board of directors, not the general body shareholders, had the authority to enforce the liability under the promissory note, despite a shareholder resolution attempting to write off the debt. The court emphasized that directors cannot be compelled to follow general body directions unless required by the articles or Companies Act. The decision highlighted that general body shareholders cannot interfere directly with the management of the business without a valid modification of the articles of association. en-us Mon, 03 Jul 1967 00:00:00 +0530 Fri, 20 Jan 2012 16:16:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98433 The appellate court set aside the lower appellate court's decision and restored the trial court's ruling in favor of the bank. It was held that the board of directors, not the general body shareholders, had the authority to enforce the liability under the promissory note, despite a shareholder resolution attempting to write off the debt. The court emphasized that directors cannot be compelled to follow general body directions unless required by the articles or Companies Act. The decision highlighted that general body shareholders cannot interfere directly with the management of the business without a valid modification of the articles of association. Case-Laws Companies Law Mon, 03 Jul 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98433