Critical Evaluation Of Criminal Liability Essay

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CORPORATE LAW

ASSIGNMENT: CRITICAL EVALUATION OF CRIMINAL LIABILITY OF CORPORATIONS

PRANJALI MADNANI LL.M. (2014-2015) SEM I ROLL NO. 64 CRITICAL EVALUATION OF CRIMINAL LIABILITY OF CORPORATIONS

INTRODUCTION

"Corporate bodies are more corrupt and profligate than individuals because they have more power to do mischief and are less amenable to disgrace or punishment. They feel neither shame, remorse, gratitude, nor goodwill." -William Hazlitt (1778–1830), British essayist and journalist
It is not a recent phenomenon that individuals commit heinous of crimes hiding behind the entity called corporate body. Penny stock scams , pump and dump schemes, chop stocks, dump and dilute schemes are not new for the globe. The world has been witnessing investment frauds and accounting
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By recognition as legal personality and holding the corporations criminally liable a more effective sanctioning is allowed which leads to adoption of better standards and responsible corporate behavior discouraging future misconducts. Criminal liability provides for more concrete punishment than the civil liability as punishment is by way of fines or dissolution and the fear of damage to reputation is created. Criminal liability over individual would at most punish him and the corporation would go on carrying its activities undeterred. Fines imposed on corporations are far more substantial that those imposed on
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