"A promoter neither a trustee nor an agent of the company he promotes but he stands in a fiduciary position towards a company and the original allottees of shares". Comment on the statement. A, B and C, three friends purchased a property. Later they promoted a company. and sold this property to the company at a huge profit. Can the company recover this profit from the promoters? Support your answer with relevant provisions in this regard.

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1. "A promoter is neither a trustee nor an agent of the company he promotes but he stands in a fiduciary position towards a company and the original allottees of shares. Comment on the statement. A, B and C, three friends purchased a property. Later they promoted a company and sold this property to the company at a huge profit. Can the company recover this profit from the promoters? Support your answer with relevant provisions in this regard