Question

What is lifting of the "corporate veil"? Explain the statutory provisions under which

corporate veil of a company may be lifted.​

Answer 1

Answer:

Lifting of Corporate veil:

It refers to the situation where a shareholder is held liable for its corporation's debts despite the rule of limited liability and/of separate personality. The veil doctrine is invoked when shareholders blur the distinction between the corporation and the shareholders.

Answer 2

Answer:

Lifting of Corporate veil:

It refers to the situation where a shareholder is held liable for its corporation's debts despite the rule of limited liability and/of separate personality. The veil doctrine is invoked when shareholders blur the distinction between the corporation and the shareholders.