ABSTRACT
This chapter describes the teleology that has surrounded ‘modern’ company law. In attempting to challenge a number of the preconceptions relating to the evolution of ‘modern’ company law, the present study engages with many of the existing 'legal’ and ‘economic’ histories of the corporate form. Rungta’s conclusions are that English company law often, if not invariably, ran against local economic interests. The main purpose of introducing English company law to India was not to bring ‘modernity’ to India, or to replace inadequate or unworkable local forms of business organization. English company law often, as it did in India, displaced local forms of business organization that were more suited to local conditions. The ‘modern’ form of English company law that replaced these local structures was, in contrast, ill suited to colonial conditions. A number of other researchers have also examined social aspects of the introduction and evolution of limited liability company legislation.
