Anyone can me send notes of lifting of corporate veil

Avch · 12 May 2024

A accompany has a separate legal entity from its member this principle is called the veil of incorporation. All the directors and the members take the decision behind the veil and it is considered as decision of the company. Disadvantage of acting behind the veil is available to the members and directors are any other person belonging from the inner management of the company only if he is acting for the benefit of the company and its members in legitimate manner. Therefore where there is a rowdy and tension to misuse the veil for benefits of their own or conducting in legal act such person will not get benefit of acting behind veil. In such a case the veil will be removed and person responsible for the fraud shall be penalized and will be held personal liable.

Shivam · 12 May 2024

Yes but not sure