https://www.taxtmi.com/caselaws?id=98473 A prohibitory notification will not nullify outstanding forward contracts unless it expressly or by necessary implication does so; existing futures in gur therefore remained enforceable. Corporate resolutions authorising and later settling the transactions were upheld because later-discovered director disqualification did not invalidate acts protected by the articles and incorporated Table A, and the interested-director objection was not established on the facts. Frustration was not made out because settlement of the contracts remained legally possible, and the company's substratum had not disappeared merely because one line of business was restricted. No basis for just and equitable winding up was shown. en-us Wed, 15 Nov 1967 00:00:00 +0530 Wed, 24 Jun 2015 17:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98473 A prohibitory notification will not nullify outstanding forward contracts unless it expressly or by necessary implication does so; existing futures in gur therefore remained enforceable. Corporate resolutions authorising and later settling the transactions were upheld because later-discovered director disqualification did not invalidate acts protected by the articles and incorporated Table A, and the interested-director objection was not established on the facts. Frustration was not made out because settlement of the contracts remained legally possible, and the company's substratum had not disappeared merely because one line of business was restricted. No basis for just and equitable winding up was shown. Case-Laws Companies Law Wed, 15 Nov 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98473