A COMPARATIVE ANALYSIS OF THE DOCTRINE OF PIERCING THE CORPORATE VEIL: A PERSPECTIVE FROM INDIA
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Keywords:
Corporate veil, company, accountability, fraudAbstract
Ever since the wave of capitalism took over the world in the early nineteenth century, the established business multinationals have gained a notorious reputation for the concoction of fraudulent activities along with deceptive actions taken towards the enlargement of the profits generated by them.
Jurisprudentially speaking, the concept of ‘company’ has grown to incorporate a persona of its own. In recent times, it has been endowed with the status of being an artificial legal person. In addition to this, a company is also recognized as a separate and distinct entity from its owners, shareholders, or members. Acting as a legal persona, a company has specific rights, responsibilities, and legal standing, which allow it to engage in various activities and transactions, such as entering into contracts, owning property, suing someone else in the capacity of a legal entity, etc.
This paper aims to examine the doctrine of piercing the corporate veil through a comparative analysis between India, the United States of America, Japan and Turkey which plays an instrumental role in defying the characteristic of a company being a separate legal entity and aims to hold accountable, all those individuals, who disguise themselves and commit wrongdoings under the veil of the corporate entity.
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