Alf and Sayed decided to register a company, 'Fault Pty Ltd'.Sayed was in charge of registering the company while Alf was not involved in the formation of the company but he was going to receive $50,000 each from the creation of the company.

Before the company is registered, Sayed bought, on behalf of Fault Pty Ltd, a clothing business from Greedy Ltd. After the company was registered the company ratified the contract within a reasonable amount of time. A couple of months later, the board of directors discovered that Greedy Ltd was controlled by Sayed and Alf (who each owned 50% of the shares of Greedy Ltd).This information was not disclosed to the board of directors when the contract was ratified.

What action if any can the board of directors take on behalf of the company?