Company Law
Unit -I Meaning and Definition of company-characteristics of company Corporate personality - lifting the corporate veil Registration and incorporation- procedure Memorandum of Association - Doctrine of Ultra Vires Articles of Association-Doctrine of Indoor management 1. What is lifting of corporate veil? state the statutory provisions under which Company Corporate Veil can be revealed? The principle of corporate personality is foundational to company law and is enshrined in the Companies Act, 2013. Once incorporated, a company becomes a separate legal entity distinct from its members, capable of holding property, entering into contracts, and suing or being sued in its own name. This doctrine was famously laid down in Salomon v. Salomon & Co. Ltd. (1897) AC 22 , which forms the bedrock of corporate jurisprudence globally. However, there are circumstances where the courts or regulatory authorities disregard the company’s separate legal personality to examine the individuals beh...