Director standing surety for outsider against whom prosecution was launched Whether ultra vires the company

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....F. No. 14/5/74‑CL‑V], dated 17‑1‑1976. Subject:- Director standing surety for outsider against whom prosecution was launched ‑ Whether ultra vires the company Recently ....

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....tsider (i.e., one not connected with the company's administrative structure) is ultra vires the company. The directors of companies are hence advised that they should not expose themselves and the com....