A Company, as a legal entity, enjoys the privileges of limited liability, perpetual succession, corporate personality etc. However in certain circumstances, this corporate veil has been pierced to look behind the corporate entity and take action, as if the company and members are one and the same.
It would amount to piercing of corporate veil in any one of the following circumstances:
(a) When the liability of the members of a limited company are made unlimited, or
(b) When the directors of the company are made personally liable for the acts done by them on behalf of the company, or
Lifting of corporate veil could be statutory or judicial.
STATUTORY LIFTING OF CORPORATE VEIL
JUDICIARY LIFTING OF CORPORATE VEIL
