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Ultra vires is a Latin term made up of two words “ultra” which means beyond and “vires” meaning power or authority. So we can say that anything which is beyond the authority or power is called ultra-vires. Ultra vires contract is the void ab initio which implies that it cannot be provided with a legal status even by ratification or estoppel. The Doctrine of Ultra Vires is introduced to safeguard the creditors and investors of the company. The doctrine of Ultra vires prevents the company from using the money of the investors other than those mentioned in the object clause of the memorandum. Hence, both the investors and company must be assured that their investment will not be used for the objects or activities which they did not have specified at the time of investing money in the company.
A man invested ₹40,000 in two schemes A and B offering simple interest at the rate of 8% per annum and 10% per annum respectively. If the total intere...
A sum of ₹15,625 is invested for 2 years at an annual interest rate of 8%. For the first 1.5 years, the interest is compounded semi-annually, and for ...
Anjali invested Rs.24000 in a scheme offering compound interest of x% p.a. compounded annually. If at the end of 2 years, interest received by her from ...
Abhishek allocates Rs.1600 each into two different investment schemes, A and B. Scheme A provides simple interest annually at a rate of (R-2)%, while sc...
If the simple interest for 5 years is equal to 20% of the principal, then the interest will be equal to the principal after ________ years.
A man invested a certain amount of sum at 12.5% per annum simple interest and earned an interest of Rs.2100 after 3 years. If the same amount is investe...
The difference between compound and simple interest on a sum of money for 2 years at 4% per annum is Rs. 580. The sum is:
Rs. 16000 invested for 2 years in a scheme offering compound interest (compounded annually) of 15% p.a. gives an interest that is Rs. 25 less than the i...