The doctrine of lifting the corporate veil allows courts to look beyond a company’s separate legal identity to hold individuals accountable for misuse. While Salomon v. Salomon & Co. established corporate independence, courts pierce this veil in cases of fraud, tax evasion, sham operations, or enemy
Under the Companies Act, 2013, companies are classified based on incorporation, liability, membership, and control. This classification allows businesses to align with specific regulatory and operational needs. Types include statutory companies formed through legislative acts, incorporated companies
A company is a legal entity with distinct characteristics such as limited liability, perpetual succession, and separate legal existence from its shareholders. Incorporated under the Companies Act, it is considered an artificial person, capable of owning property, entering contracts, and being sued.
A preferential offer allows a company to issue securities to select individuals or investors without going through a public process. Preference shares, a key part of such offers, provide shareholders with priority in dividends and capital repayment upon liquidation. These shares come in various type
Delisting of securities involves the permanent removal of a company’s securities from a stock exchange, ceasing their trade. It can be voluntary, initiated by the company, or compulsory, mandated by the exchange due to non-compliance. The SEBI regulations ensure a fair process, safeguarding sharehol
The Foreign Exchange Management Act (FEMA), 1999, governs foreign exchange transactions in India, playing a crucial role in regulating and facilitating the operations of multinational corporations (MNCs). FEMA simplifies foreign investments, external commercial borrowings (ECB), and profit repatriat
Possession is a fundamental concept in both law and daily life, referring to the control and use of an object, whether physically held or legally recognized. It encompasses both factual control and the intention to assert ownership or exclusive use. Legal scholars like Salmond and Savigny have provi
Ownership is the legal relationship between a person and an object, granting rights enforceable against all. It includes the right to use, control, and dispose of the property. Different scholars like Austin and Holland define ownership as an indefinite right over an object, unrestricted in terms of
The incorporation of a company under the Companies Act, 2013, involves a detailed legal process that ensures compliance with Indian laws. It requires name approval, filing the Memorandum and Articles of Association, and meeting certain conditions, such as having a minimum number of directors, shareh
Tortious liability of companies arises when a civil wrong is committed, causing harm or loss. This liability can take various forms, such as negligence, nuisance, trespass, and vicarious liability. Companies, as artificial legal entities, can be held accountable for the wrongful acts of their employ
Corporate Governance refers to the system by which companies are directed and controlled, focusing on the relationships between shareholders, management, and the Board of Directors. It promotes accountability, transparency, and ethical conduct, ensuring that companies operate in the best interests o
The Reserve Bank of India (RBI) plays a pivotal role under the Foreign Exchange Management Act (FEMA), 1999, regulating foreign exchange and cross-border financial transactions. It ensures compliance with FEMA provisions, oversees foreign investments, and manages capital account transactions. The RB
Auditors play a crucial role in corporate governance, ensuring the transparency and accuracy of a company’s financial records. Appointed under the Companies Act, 2013, they must be qualified members of the Institute of Chartered Accountants of India (ICAI). Their responsibilities include verifying f
A promoter plays a crucial role in the incorporation of a company, overseeing the entire process from ideation to commencement of operations. Promoters are responsible for essential tasks such as identifying business opportunities, arranging capital, and preparing necessary documents like the Memora
Criminology, rooted in ancient philosophies, has evolved through various schools of thought. The Pre-Classical School linked crime to supernatural forces, while the Classical School, led by figures like Cesare Beccaria, emphasized free will and rational choice in criminal behavior. The Neo-Classical
Plato’s Allegory of the Cave illustrates the contrast between perceived reality and true knowledge. In the allegory, prisoners confined in a cave mistake shadows on the wall for reality. When one escapes and encounters the outside world, he realizes that the shadows were mere illusions. Upon returni
The Case of the Speluncean Explorers is a hypothetical legal case crafted by Lon L. Fuller to explore the complexities of judicial interpretation. It presents a moral dilemma where four explorers are tried for murder after killing and eating a companion to survive while trapped in a cave. The case e
Social disorganization theory, developed by Shaw and McKay, explores how neighbourhood factors like poverty, high residential mobility, and ethnic diversity weaken a community’s social structure, leading to increased crime rates. The theory suggests that when communities struggle to maintain social
Differential Association Theory, introduced by Edwin H. Sutherland, explains criminal behavior as a learned process influenced by social interactions. According to the theory, individuals learn criminal behavior through communication within intimate social groups, where they adopt the values, techni
Amartya Sen’s theory of justice diverges from idealized models, emphasizing a “Comparative Approach” that focuses on enhancing justice and reducing injustice in real-world contexts. Rejecting the “transcendental institutionalism” of thinkers like Rawls, Sen argues that justice should be understood t
Robert Nozick’s Entitlement Theory, presented in Anarchy, State, and Utopia (1974), argues that justice in holdings is based on three principles: justice in acquisition, justice in transfer, and justice in rectification. Nozick asserts that individuals are entitled to their possessions if acquired a
John Rawls, a prominent American philosopher, is best known for his groundbreaking work, A Theory of Justice (1971). His theory, rooted in liberalism, proposes that a fair society is one where principles of justice are determined behind a “veil of ignorance,” where individuals are unaware of their p
The legal battle between Roche and Cipla over the drug Erlotinib highlighted the tension between patent rights and public access to affordable medication. The Delhi High Court upheld Roche’s patent but declined to grant an injunction against Cipla’s generic version, citing the impending patent expir
Roscoe Pound, a prominent figure in sociological jurisprudence, introduced the concept of “Social Engineering,” viewing law as a tool to balance competing societal interests. He argued that law should minimize conflict and maximize the satisfaction of social needs by carefully regulating human condu