In a public limited company, certain directors who guaranteed the company's debts retired and new directors were appointed in their places and they also signed the guarantee bonds. There was no agreement to show that the

In a public limited company, certain directors who guaranteed the company's debts retired and new directors were appointed in their places and they also signed the guarantee bonds. There was no agreement to show that the earlier guarantee had ceased to be operative. The bank who is the beneficiary, exercised its option and demanded the repayment. The retired directors contended that they have already retired and they are not liable to the bank on the strength of bond. Is the contention valid ? Decide the case with regard to the provisions of the Companies Act, 2013.