Discuss whether the “principle of corporate veil” is unconditional; supporting your answer with appropriate case-laws.
Illustrate out what protection is afforded to minority shareholders under Companies Act 2001; supporting your answer with appropriate case law(s).
E, one of the two directors of Zero Co. Ltd has entered in an agreement with company for a generous pension to be paid to his widow in the event of his death. E did not disclose at any material time that he was in poor health. H, the other director of Zero Co Ltd, made company purchase his nephew’s car for Rs1 million when in fact, the car is valued at Rs 600,000/-.
Advise E and F, as to their respective accountability, if any, supporting your answer with any appropriate case law(s).