Is pre-incorporation contract is possible ....
Question asked in Nov 2007(says its possible) is similar to question asked in Nov 2011 but both the answer do not match .
As per the law of natural justice, promoters are held liable for the pre- incorporation contracts. the pre incorporation contracts are legally binding on the promoters and it should be ratified under the specific relief act. if the contracts are not ratified, promoters shall held liable for the breach of contracts.
CAclubindia
