https://www.taxtmi.com/caselaws?id=199512 A company suit was treated as validly instituted where the board resolution authorising it was not displaced by a mere challenge to one director's appointment. A managing director remains in a fiduciary position and cannot profit from a conflict transaction without disclosure and consent, but recovery failed because the company did not prove a reliable market rate or resulting loss. The claim was also held to be within limitation because it was not a suit purely for compensation for malfeasance independent of contract. The appeal ultimately failed because the company could not establish the monetary loss necessary for relief. en-us Wed, 25 May 1960 00:00:00 +0530 Mon, 05 Mar 2018 16:44:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199512 A company suit was treated as validly instituted where the board resolution authorising it was not displaced by a mere challenge to one director's appointment. A managing director remains in a fiduciary position and cannot profit from a conflict transaction without disclosure and consent, but recovery failed because the company did not prove a reliable market rate or resulting loss. The claim was also held to be within limitation because it was not a suit purely for compensation for malfeasance independent of contract. The appeal ultimately failed because the company could not establish the monetary loss necessary for relief. Case-Laws Companies Law Wed, 25 May 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199512