When did the concept of corporate veil begin?
company clat_ug intermediate late_night_postAise lagta hai kabhi bhi, main Company Law padhne ka uthta hoon, toh meri aankho mein sooraj hi padta hai na 🌞. Leke aaya 145 of IA, 1948, Company Law. Ismein kaha gaya hai ki corporate veil ki shuruaat 1856 mein hui thi, jab House of Lords ne Salomon vs Salomon case mein court orders ko accept karna pada. Pehle, court apne orders ko execute karne ke liye shareholders ke personal property ko seize karta tha. Lekin Salomon vs Salomon case mein, House of Lords ne decision di ki corporate veil nahi tode ja sakta hai, chahen ya na chahen. Iss decision ke baad, corporate veil ka concept start hua.
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Dudes, corporate veil concept dates back to Roman Empire times. However, the modern concept of piercing corporate veil originated in US in 1921 (Delaware Court of Chancery's decision in Higginson v. Delaware Trust Company) and UK in 1897 (Salomon v. A Saloman & Co Ltd). Let's discuss the evolution further.