3(i). ABC Ltd has been regularly paying statutory 'Annual Bonus' to its workers after including the dividends earned by the company on its share investments. On the advice of its consultants, the Company set up another company exclusively to hold its share investments. On transfer of shares, the amount of bonus got reduced and the workers applied for lifting of veil. Is the action of the workers legally valid? Explain the concept of 'lifting of corporate veil' and the implications of lifting it.

(ii). A group of 4 persons formed a group for purchase of some property. The group acquired some property for 2 Crore rupees but recorded the same to have been purchased for 2.40 Crore rupees. Subsequently, they sold the same property for 3 Crore rupees to a company which they had set up for this purpose. They themselves were directors of the newly set up company. Subsequently, company made public issue in which disclosure of profit of 60 lakhs was disclosed. The profit of 40 lakh rupees that has been made immediately after the first sale was withheld from information to the subscribing public. On bankruptcy of the company, the fact of the group having made profit of 40 lakhs came to light. Can the company this amount? What law and arguments will be applicable? Describe