https://www.taxtmi.com/caselaws?id=172955 A transfer of company property to the wives of directors was treated as sham and collusive where the surrounding circumstances showed an antedated resolution, unexplained variation in consideration, and no assertion of ownership until litigation. The Court stated that the corporate veil may be pierced to determine the real nature of such a transaction when collusion is alleged. Because the transfer was held ineffective, the property remained with the company and fell within the Coal Mines (Nationalisation) Act, under which the company's rights and interests vested in the Central Government free of all encumbrances from the appointed date. en-us Wed, 08 Mar 2000 00:00:00 +0530 Sat, 03 Jan 2026 12:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=172955 A transfer of company property to the wives of directors was treated as sham and collusive where the surrounding circumstances showed an antedated resolution, unexplained variation in consideration, and no assertion of ownership until litigation. The Court stated that the corporate veil may be pierced to determine the real nature of such a transaction when collusion is alleged. Because the transfer was held ineffective, the property remained with the company and fell within the Coal Mines (Nationalisation) Act, under which the company's rights and interests vested in the Central Government free of all encumbrances from the appointed date. Case-Laws Indian Laws Wed, 08 Mar 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=172955