https://www.taxtmi.com/caselaws?id=294493 The note clarifies that a fixed term deposit payable on a specified future date is not a deposit payable on demand and therefore is not governed by Article 60; such claims are subject to the ordinary limitation for money lent, running from the relevant due date. A company may advance money and may borrow from a director provided the director's interest is fully disclosed and the transaction is fair, reflecting the director's fiduciary obligations. Board resolutions, unauthenticated or secondary balance sheet copies, and unproved winding up applications do not operate as clear, admissible acknowledgments to extend limitation, and estoppel was held inapplicable where the claimant had full knowledge and participation. en-us Thu, 25 Aug 1949 00:00:00 +0530 Sat, 17 Apr 2021 17:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294493 The note clarifies that a fixed term deposit payable on a specified future date is not a deposit payable on demand and therefore is not governed by Article 60; such claims are subject to the ordinary limitation for money lent, running from the relevant due date. A company may advance money and may borrow from a director provided the director's interest is fully disclosed and the transaction is fair, reflecting the director's fiduciary obligations. Board resolutions, unauthenticated or secondary balance sheet copies, and unproved winding up applications do not operate as clear, admissible acknowledgments to extend limitation, and estoppel was held inapplicable where the claimant had full knowledge and participation. Case-Laws Indian Laws Thu, 25 Aug 1949 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294493