https://www.taxtmi.com/caselaws?id=167292 The defendant company's appeal was dismissed, and the plaintiff's memorandum of cross-objections was allowed regarding interest entitlement. The court held that the chit transaction was within the company's powers, even without a formal resolution by the Board of Directors. The court also ruled that the promissory note's execution did not affect the validity of the transaction. Additionally, the defendant company was not entitled to credit for dividends after defaulting on installments. The plaintiff was granted interest at 12% per annum from the first default date and 6% per annum on the principal until realization. en-us Fri, 19 Apr 1985 00:00:00 +0530 Mon, 15 Dec 2014 12:58:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=167292 The defendant company's appeal was dismissed, and the plaintiff's memorandum of cross-objections was allowed regarding interest entitlement. The court held that the chit transaction was within the company's powers, even without a formal resolution by the Board of Directors. The court also ruled that the promissory note's execution did not affect the validity of the transaction. Additionally, the defendant company was not entitled to credit for dividends after defaulting on installments. The plaintiff was granted interest at 12% per annum from the first default date and 6% per annum on the principal until realization. Case-Laws Companies Law Fri, 19 Apr 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=167292