What is lifting of Corporate with explain the statutory provisions under which corporate veil of company may be lifted
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What is lifting of Corporate with explain the statutory provisions under which corporate veil of company may be lifted
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Corporate Veil is a legal principle that distinguishes a corporation's identity from its shareholders' identities and prevents them from being personally responsible for the debts and other responsibilities of the company.
Explanation:
Often it may happen that the company's corporate personality is used to conduct theft or misconduct. Given that an artificial person is not able to do something unlawful or dishonest, the corporate identity (the veil) may need to be removed to identify the real culprits. This is called ‘lifting of corporate veil’.
Corporate veil can be lifted under
(A) Judicial Provisions
(B)Statutory Provisions
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What is lifting of the "corporate veil"? Explain the statutory provisions ...
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