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The principle of the ‘Majority Rule’ was recognized in the landmark case of Foss v Harbottle (1843). As a general principle laid down in Foss v Harbottle, where it is alleged that a wrong has been done to the company then proper claimant in such an action is the company itself; as the company is a legal entity having its own separate identity apart from its members. Where the company is competent to settle the alleged wrong itself or, the company is competent to ratify or condone an irregularity by its own internal procedure, then no individual member may bring action Shareholders individually do not have the right to institute a suit against the wrongdoer of the company .
Consider the following statements regarding “Defence Innovation Organisation (DIO)”:
I. DIO is a not-for-profit organisation formed under sec...
Life Insurance Corporation of India (LIC) has launched a new non-linked, non-participating individual savings whole life insurance product in which the ...
What percentage of operational waste did Hindalco recycle in FY24?
As per the National Education Policy, 2020, which of the following National Curriculum Framework (NCF) will be developed?
1. National Curriculum ...
ADB will provide a fund of Rs.1311.20 crore for tourism projects in which state ?
Recently Jitendra Singh (Science and Technology Minister) has launched India’s first Virtual Science Lab for Children under CSIR (Council of Scien...
On which date World Psoriasis Day is observed annually?
PAY EASY,a mobile application has been launched enabling small-scale merchants such as traders, retailers, and professionals, to accept instant cashle...
Recently, GST Council has decided to generate GST e-invoices for B2B transactions for those GST-registered businesses with annual turnover of more than ...
In which city is the Moin-ul-Haq Stadium located?