English to Hindi Meaning :: corporate veil
Corporate veil : ????????? ?????? ? ????????? Pronunciation: Add to Favorite: Corporate – ????????? Veil – ????
Also know, what is the meaning of lifting the corporate veil?
Piercing the corporate veil or lifting the corporate veil is a legal decision to treat the rights or duties of a corporation as the rights or liabilities of its shareholders. … For example, English law conferred entity status on corporations long before shareholders were afforded limited liability.
Consequently, how corporate veil can be lifted?
FRAUD OR IMPROPER CONDUCT– the most common ground when the courts lift the corporate veil is when the members of the company are indulged in fraudulent acts. … Tax Evasion– Sometimes, the corporate veil is used for the purpose of tax evasion or in order to avoid any kind of tax obligation.
In what circumstances is the corporate veil lifted?
The corporate veil may be lifted where the statute itself contemplates lifting the veil or fraud or improper conduct is intended to be prevented. The circumstances under which corporate veil may be lifted can be categorized broadly into two following heads: Statutory Provisions. Judicial interpretation.
When can the court lift the corporate veil?
Avoiding a legal obligation
The Court may lift the veil if the company concerned is ‘using’ the veil to avoid fulfilling legal obligations. For example, if a company owes a creditor money but transfers their assets to another entity to avoid payment, the Court can lift the veil.
What are the exceptions related to the rule of corporate veil?
Judicial Provisions Or Grounds For Lifting The Veil– FRAUD OR IMPROPER CONDUCT- The Courts have been more that prepared to pierce the corporate veil when it fells that fraud is or could be perpetrated behind the veil. … The two classic cases of the fraud exception are Gilford Motor Company Ltd v. Horne and Jones v.
