https://www.taxtmi.com/caselaws?id=109033 The Court emphasized that decisions on proposals exceeding policy guidelines fall under the Board's jurisdiction. The Board must deliberate on such proposals before acceptance or rejection. In this case, the Court noted that the Board had not reviewed the Company's proposal dated 28-4-1995, which deviated from the AFC's policy decision. The judgment highlighted that if a proposal, though outside the policy, benefits the AFC, the Board can modify the policy and approve the settlement. Therefore, the Court directed the AFC's Board to reconsider the Company's proposal before proceeding with loan recovery under the State Financial Corporation Act. The appeal was disposed of, emphasizing the importance of the Board's involvement in deciding on proposals that exceed the organization's policy decisions. en-us Wed, 17 Mar 2004 00:00:00 +0530 Thu, 05 Apr 2012 15:31:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109033 The Court emphasized that decisions on proposals exceeding policy guidelines fall under the Board's jurisdiction. The Board must deliberate on such proposals before acceptance or rejection. In this case, the Court noted that the Board had not reviewed the Company's proposal dated 28-4-1995, which deviated from the AFC's policy decision. The judgment highlighted that if a proposal, though outside the policy, benefits the AFC, the Board can modify the policy and approve the settlement. Therefore, the Court directed the AFC's Board to reconsider the Company's proposal before proceeding with loan recovery under the State Financial Corporation Act. The appeal was disposed of, emphasizing the importance of the Board's involvement in deciding on proposals that exceed the organization's policy decisions. Case-Laws Companies Law Wed, 17 Mar 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109033