A Study on the Eradication of Corporate Impunity on Environmental Degradation Through Doctrine of Ultra Vires

Abstract

The domain of the company law aims to produce an effective and a reliable corporate space to the businesses. In the journey of a better corporate realm, the possible negative impact has been omitted by the Companies Act No 7 of 2007. The environmental degradation which caused by the corporate impunity have hidden under the veil of ignorance in the context of Sri Lanka. The main aim of this study is to introduce and share a demised doctrine by illustrating the values of it, in order to fill the gaps that have been created by the ignorance of emerging environmental concerns. The methodology of this study is basing on the research of black letter approach consist with the judicial decisions and legislations as primary sources and as secondary sources, the journal articles, books, thesis and with critical analysis on the contemporary world. The criteria that were evaluated in the study was, the existence of ultra vires doctrine in the modern law and hidden values of the concept which is possible to eradicate the corporate impunity in environmental pollution. The findings of the study lead to realize that, there would be a promising future without any corporate misconduct in violating the environmental rights by re-implementing the doctrine of ultra vires with certain amendments to the concept. And the desperate need of a protection on environment from corporate impunity is a current contemporary concern in the world and there is no reliable step has been taken to mitigate the consequences of it.