The Directors of a company borrowed Rs 5 lacs from Tarun. They had the power to borrow such money but subject to the condition that an ordinary resolution will be passed at the General Meeting of the company. In fact no such resolution had been passed. Is the company bound to repay the loan to Tarun. Give reasons.
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Answer:
no, the company is not bound to repay the loan
Explanation:
because the have the power to do it
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The company is not bound to repay the loan because it had the power to borrow the money but only through an ordinary resolution.
Ordinary Resolution is the voting done by the shareholders of the company.
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