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As per Articles of Association of the company the directors can borrow up to Rs. 10,000 without getting approval from the general meeting. The directors have lend Rs. 50,000 to the company without any approval of the general meeting and took debentures. The company would be liable for:

As per Articles of Association of the company the directors can borrow up to Rs. 10,000 without getting approval from the general meeting. The directors have lend Rs. 50,000 to the company without any approval of the general meeting and took debentures. The company would be liable for: Correct Answer 10,000

Related Questions

Which of the following statements are true in case of appointment of directors?
1. A company can appoint maximum fifteen directors.
2. A company may appoint more than fifteen directors after passing a special resolution in general meeting.
3. The approval of Central Government is not required in case some enhancement is done in case of directors.
Principle: If an injury is the result of a reasonably foreseeable cause, the person/authority responsible is liable for damages because he has a duty to take reasonable measures to prevent it.
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Three friends want to hire a taxi for a trip. The taxi owner provides them with following three options:  A. You can hire the taxi without an accompanying driver. This would cost you Rs. 2500 per day. Driver can be arranged from another agency for Rs. 500 per day.  B. You can hire the taxi with driver from the first agency. This would cost you Rs. 2800 per day. But driver will have to be provided relief fund of Rs.250 per day if total distance traveled exceeds 1500 KM.  C. You can hire the taxi without an accompanying driver. This would cost you Rs. 2500 per day. Driver can be arranged from another agency for 50 paise per KM.  If they had planned to travel total of 6000kms in 5 days. Which option would have been better? 
A lady wants to buy the following items in the given price range- 1. Tomato between Rs. 40 and Rs. 45 per kg. 2. Grapes in the price range of Rs. 80 and Rs. 90 per kg. 3. Milk packets at Rs. 23 per liter. In which shop from the following will she definitely get all her items/ A. Shop S sells tomato at Rs. 22.5 per half kg, Grapes at Rs. 82 per kg and milk at Rs. 24 per liter. B. Shop H sells grapes at Rs. 21 per quarter kg, milk at 12.5 per half litre and tomato at Rs. 22 per half kg. C. Shop O sells milk at Rs. 11.5 per half litre, tomato at 21 per half kg and grapes at Rs. 43 per half kg. D. Shop P sells tomato at Rs. 23.5 per half kg, grapes at Rs. 85 per kg and milk at Rs. 23 per litre.
What is/are the following differences between private and public limited companies?
1. In a private limited company there is restriction on the number of members, where as no such restriction is applicable on a public limited company.
2. A private limited company can be listed on a stock exchange, where as a public limited company is always listed on a stock exchange.
3. A private limited company cannot issue debentures, whereas a public limited company can issue debentures.
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The 'Debenture Redemption Fund' of a company stood at Rs. 16,000 represented by Rs. 20,000 (nominal) investment. The company in order to redeem debentures of Rs. 10,000 at 1% premium sold Rs. 12000 (nominal) investments of Rs. 100 each at Rs. 84 each for the purpose of redeeming Rs. 10,000 debentures at a premium of 1%. After the redemption of debentures, the balance in the Debenture Redemption Fund a/c will be:
Which of the following statement(s) is/are correct, regarding the duties and rights of the Attorney-General for India in performance of his duties?
1. The Attorney-General for India shall give advice to the Government of India upon legal matters.
2. The Attorney-General for India shall have a right to audience in all Courts in India.
3. The Attorney-General for India shall have the right to speak in the proceedings of either House.
4. The Attorney-General for India shall not be liable to any proceedings in any court in respect of anything said by him in Parliament or any committee thereof.
Which of the following statements are true in context of a company under Company Act, 2013?
1. The shareholders of a company can appoint Board of Directors.
2. The Board of Directors is the proper authority to convene Annual General Meeting.
3. The gap between two annual general meetings must not be more than fifteen months.