This was the first year that two stages were used. Since the new millennium, the Monsters of Rock brand returned to playing major international landmarks including Como, Italy, Buenos Aires, Argentina, Santiago, Chile, and Sao Paolo, Brazil to name a few.Īs the audiences will attest, new waves of metal fans are indoctrinated each year by Monsters of Rock.
#PIERCE THE VEIL CONCERT 2016 OREGON PORTLAND PLUS#
This kicked off a string of 15 plus years with such rock and roll giants including, AC/DC, Slayer, Guns N' Roses, Van Halen, Ozzy Osbourne, Def Leppard and Metallica. Where the Public Policy is to be Protected: The Courts invariably lift the corporate veil in order to protect the public policy and prevent transactions, which are contrary to public policy.The Monsters of Rock festival debuted in 1980 at Castle Donington with heavy metal pioneers Rainbow, Judas Priest, Scorpions, Saxon and more. Where the Welfare Legislation is Avoided: In case of avoidance of welfare legislation the Courts lift the corporate veil to get behind the smoke screen and discover the true state of affairs.ĩ. Where the Company is a Clock: The Courts also lift the veil where a company is a mere cloak, which means to disguise or pretend.Ĩ. It is the duty of the Court in such cases to get behind the smoke screen and discover the true state of affairs.ħ. Avoidance of Welfare Legislation: Avoidance of welfare legislation is as common as the avoidance of taxation. In those circumstances, such company is deemed to have lost its individuality and shall be identified with its members.Ħ. Where the Company Acts as an Agent: A company may sometimes act as an agent or trustee of its members or of another company. But the shareholders on their own accord cannot consider themselves identical with the company.ĥ. In other words, the Courts can disregard the corporate entity where it is essential to safeguard the interest of the revenue.
The Courts can break through the corporate veil, only when the sole object of its formation is tax evasion.
Where it is essential to Protect the Interest of the Revenue: The Courts are also empowered to pierce the corporate shell if it is used for avoiding tax obligations. Where a Fraud is Suspected: The corporate entity may also be disregarded where the veil is used for some fraudulent purpose or defeating the claims of the creditors.Ĥ. This proposition shall apply even if the company is incorporated in the same country.ģ. To carry on business with an alien enemy is against public policy and hence Courts should not allow the corporate veil to conceal the identity of persons who are alien enemies. Where the Character of the Company is to be Determined: In case doubt arises, that a company is owned or controlled by enemies of another country, the Courts, at their discretion, ignore the corporate fiction and examine the persons who exercise de facto (real) control over the affairs of the company. In other words, the Court can hold the shareholders with unlimited liability.Ģ. When Company tries to avoid Legal Obligations: When the corporate personality is used to avoid any legal obligation, the Court can disregard the legal personality and can identify with its members. The following are the instances in which the corporate veil can be lifted.ġ. In those circumstances, the corporate veil cannot give any protection to the directors. Circumstances in which the Court can lift the Corporate VeilĪccording to Palmer, there are seven instances where the corporate veil or the legal personality can be lifted or pierced by the Court. The court also required a showing of improper conduct because to pierce the corporate veil under Florida law, it must be shown not only that the wholly-owned subsidiary is a mere. This is known as lifting or piercing the corporate veil. In other words, the Courts, in compelling situations, ignored all the conceptions of the corporate personality and hold the directors and shareholders personally liable. As such, it has become necessary to lift the corporate veil and to see the realities behind the veil.Ĭonsequently, the Courts, both in India and England, if circumstances demanded so, have lifted corporate veil and identified the company with its members. Therefore, the Courts, began to realize that the Doctrine of Corporate Entity should not be an unmixed blessing as it goes against natural justice. The experience of the past was very sad and so many investing public and creditors of various companies were badly hit. This magic corporate personality gave protection to fraudulent directors to conduct the affairs of the company to defraud the public interest. Therefore, the Courts in many cases, were reluctant to break through the corporate veil and refused to identify a company with its members even a company was found as a mere fraud. The Courts, in general, consider this principle as a basic one on which the entire Law of Corporation is based.