https://www.taxtmi.com/caselaws?id=408691 An oral arrangement for lifting water from a company's well could not bind the company where the transaction involved an interested director or relative and the statutory safeguards under the Companies Act, 1956-board consent and, where required, Central Government approval-were absent. The commentary also notes that a claim for recurring water-lifting charges accrued periodically and, filed in 1999 for amounts said to be due from 1993 onwards, was barred by the three-year limitation period under Article 52 of the Limitation Act, 1963; pending suits by the defendant did not stop limitation. en-us Wed, 28 Apr 2021 00:00:00 +0530 Fri, 18 Jun 2021 08:13:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408691 An oral arrangement for lifting water from a company's well could not bind the company where the transaction involved an interested director or relative and the statutory safeguards under the Companies Act, 1956-board consent and, where required, Central Government approval-were absent. The commentary also notes that a claim for recurring water-lifting charges accrued periodically and, filed in 1999 for amounts said to be due from 1993 onwards, was barred by the three-year limitation period under Article 52 of the Limitation Act, 1963; pending suits by the defendant did not stop limitation. Case-Laws Companies Law Wed, 28 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408691