transaction ultra virus to object of the company

This query is : Resolved

c.a.sriharsh shukla (Querist)
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12 June 2008 a Pvt.LTD co. whose business as per MOA is to hire and purchase assets it makes a transaction in the comodity market in the nature of intra day transaction and makes profit therefrom and disclosed it as other income in their P/L Ac.
it is to be noted that no approval yet has been taken ofthe BOD but that will be obtained.

plz guide whether the transaction is valid and whether the treatment thereon done is valid or not

Guest

Guest (Expert)

07 October 2009 this is not ultra vires act.

This object is to be written in the Other objects or objects incidental or ancillary to other objects.

For transaction of one time there is no need for alteration also.

Simply pass the board resolution & thats all.