https://www.taxtmi.com/caselaws?id=108681 Separate corporate personality between a holding company and its subsidiary is ordinarily respected, and the veil may be lifted only in exceptional cases such as fraud, evasion of obligation, abuse of form, agency, or similar compelling circumstances. On the stated facts, distinct incorporation, boards, finances, and creditors, together with no guarantee or common employment policy, meant the subsidiary's workmen could not be treated as workmen of the holding company. Section 529A priority applies only to workmen of the company actually in winding up, so the subsidiary's employees had no enforceable claim against the holding company's liquidation assets. en-us Fri, 10 Jan 2003 00:00:00 +0530 Tue, 03 Apr 2012 13:10:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=108681 Separate corporate personality between a holding company and its subsidiary is ordinarily respected, and the veil may be lifted only in exceptional cases such as fraud, evasion of obligation, abuse of form, agency, or similar compelling circumstances. On the stated facts, distinct incorporation, boards, finances, and creditors, together with no guarantee or common employment policy, meant the subsidiary's workmen could not be treated as workmen of the holding company. Section 529A priority applies only to workmen of the company actually in winding up, so the subsidiary's employees had no enforceable claim against the holding company's liquidation assets. Case-Laws Companies Law Fri, 10 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108681