Author: Simran Joshi, Student at Amity University, Lucknow
ABSTRACT
The major purpose of this paper is to provide precise knowledge about Lifting the corporate veil under company law and also the common law grounds of lifting the veil under this Act. We will also come to know about the concept of separate legal entity and how it is Seized. The rule of Lifting the veil in India is very much broad therefore the courts have wider discretion as to whether to lift the veil or not. We will also discuss the benefits or loss of this principle, the types of provisions for the lifting of the Corporate veil such as Judicial Provisions like Fraud, Enemy Character of a company, Economic Offences, etc and Statutory Provisions like Reduction of Membership, Misrepresentation of Prospectus, Misdescription of Name, etc.
