Question
From which famous case law the rule of “Majority shall
prevail” was inferred?Solution
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 .
The National Payments Corporation of India (NPCI), has launched two conversational payments initiatives that are aimed at increasing convenience and acc...
Where are the headquarters of the BSE?
The Reserve Bank of India (RBI) recently launched an exclusive 2-hour window called _________ for fintech companies to visit the RBI's FinTech departmen...
Which initiative was launched by the central government to enhance the tourism sector in India?
Which of the following Airports of India has recently been the first in India to run entirely on Solar and Hydro Energy?
Which institution will back the Asian Development Bank's climate-related lending with sovereign guarantees?
What is the purpose of the newly formed joint venture company between Bharat Electronics Limited (BEL) and Israel Aerospace Industries (IAI)?
Recently, which Finance Corporation inked a loan pact of 30 billion with Japan Bank for International Cooperation (JBIC)?
In which country the Joint Military Exercise Bright Star-23 will be organized?
What primary threat faces the newly discovered clouded tiger cat species in Brazil's rainforest?
Relevant for Exams:
