Attempt all the questions:
Question 1: What do you mean by the term lifting of corporate veil? Describe the circumstances under which the corporate veil can be lifted.
Question 2:
a) State the rule lay down in Royal British Bank versus Turquand and state the exceptions to it, if any.
b) What do you mean by the term prospectus? How does it vary from statement in lieu of prospectus?
Question 3:
a) What do you mean by the term irregular allotment? What are its effects?
b) Under what circumstances a company can issue shares at a discount?
Question 4:
a) Define the term Quorum. Describe the legal provisions with regard to Quorum. What is the Quorum needed for the general meeting in (i) public limited company and (ii) private company.
b) Differentiate between ordinary resolution and special resolution.
Question 5:
a) What do you mean by the term winding up? How is it distinct from dissolution?
b) Write short notes on the given terms:
i) Commencement of winding up.
ii) Declaration of solvency.