1. What is lifting of corporate veil? Explain the circumstances under which the corporate veil can be lifted. (20)
2. (a) Explain the rule laid down in Royal British Bank vs Turquand and state the exceptions to it,if any.
(b) What is a prospectus? How does it differ from statement in lieu of prospectus? (14, 6)
3. (a) What is irregular allotment? What are its effects?
(b) Under what circumstances a company can issue shares at a disccount? (10, 10)
4. (a) Define Quorum. Explain the legal provisions with regard to Quorum. What is the Quorum required for the general meeting in (i) public limited company and (ii) private company.
(b) Distinguish between ordinary resolution and special resolution. (12, 8)
5. (a) What is winding up? How is it different from dissolution?
(b) Write short notes on:
i) commencement of winding up
ii) declaration of solvency (8, 12)