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Mr. A was interested in a contract. He was a Director of A.Ltd. The interest was not disclosed. On prospective discovery of his interest the Director, the BOD wanted to annul the contract.
Can it do so?
Yes, the contract is voidable at the option of the Company
Yes, the contract is voidable by the party in which the Director has interest, failing which the Director shall indemnify
No, the contract cannot be voided on a technicality and the outsiders are protected by Doctrine of Indoor Management
Yes, the contract is voidable and the Company shall bear all costs that may have unduly befallen on the other party as a result of voiding
Disclosure of interest Sec 184 (3)
A contract or arrangement entered into by the company without disclosure under sub-section (2) or with participation by a director who is concerned or interested in any way, directly or indirectly, in the contract or arrangement, shall be voidable at the option of the company.
By: Srishti Gupta ProfileResourcesReport error
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