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Lifting the Corporate Veil

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Corporate law
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Lifting the Corporate Veil

  1. 1. Company Law: Unit-1 Sesión – 13
  2. 2. Corporate personality: Corporate personality means that – “the company’s liabilities are the legal responsibility of the company and the members will not be liable for the company’s debts”
  3. 3. Meaning Of Lifting Of The Corporate Veil • Doctrine of Lifting the Veil: [Dec.: 2012] › When a Company registered under the act, all the dealings with the company will be in the name of company, and the members will be disregarded. › This shows that there is a veil drawn between the company and its members. › This veil is partition or curtain between the co. & its members. › Following this principle the Courts in most cases have refused to go behind the curtain & see who are the real persons composing the company.
  4. 4. Cont.  But sometimes the necessity of the situation may compel the authorities to disregard the corporate legal entity & look to individual members who are in fact the real beneficial owners of all corporate property;  And this fact known as……..  Case - Lee v/s Lee’s Air Farming Ltd.  Case – Abdul Haq v/s Das Mal  The Court will Lift the veil where it is essential to secure justice, in public interest or for the benefit of revenue. But it must be keep in mind that a separate legal entity is still a general rule.
  5. 5. Cont. • The corporate entity will be disregarded only in exceptional cases. • This case may be divided in: – Under Judicial Interpretation – Under Statutory Provision
  6. 6. Judicial Provisions 1. 2. 3. 4. 5. 6. 7. Fraud Or Improper Conduct: For Benefit Of Revenue: Enemy Character: Company Avoiding Legal Obligations: Single Economic Entity: Agency Or Trust: Public Interest:
  7. 7. Statutory Provisions 1. 2. 3. 4. Reduction Of Number Of Members: Fraudulent Trading: Misdescription Of The Company: Holding And Subsidiary Companies:
  8. 8. Lesson For LIFE
  9. 9. Lesson For LIFE

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