This research paper is a detailedanalysis of meaning and implication of the shareholder derivative action as provided under the Companies Act, 2013. This paper also discusses the judicial interpretation on the same with decided landmark case laws.
This article deals with the concept of directors and their role in a company. Further, the article discusses the first directors of the company. It also discusses the appointment, qualifications, resignation, rights and duties of the first duties.
The principle has been established very long that a company is a separate legal entity in the case of Salomon and in India it was established in In re Kondoli Tea Estate that a company is a separate legal entity. Later on, in different cases, it has been reiterated that a company is separate from its shareholders and directors. The company cannot be held liable for the wrongdoings of its shareholders and directors. When it is found out that a wrong has been committed then the Court will lift the corporate veil to find that the real offender behind the wrongdoing.