Title : Transfer of Undertakings of Other Existing Insurers
State : Central
Year : 1972
(1) On the appointed day, the undertaking of every existing insurer who is not an Indian insurance company shall stand transferred to and vested in the Central Government and the Central Government shall immediately thereafter provide, by notification, for the transfer to and vesting in such Indian insurance company, as it may specify in the notification, of that undertaking. (2) Any notification made under sub-section (1) may provide that any of the undertakings aforesaid may be transferred to and vested in more than one Indian insurance company in such manner and subject to such conditions as may be specified in the notification. View Complete Act List Judgments citing this sectionTitle : Payment into Court in Case of Rival Claims
State : Central
Year : 1972
Where a claim to the amount payable under section 11 is made by two or more persons adversely to one another, the corporation may cause the amount to be deposited in any civil court having jurisdiction in that behalf and the court shall decide as to whom the payment shall be made. View Complete Act List Judgments citing this sectionTitle : Properties in India Not to Be Insured with Foreign Insurers Except with Permission of Central Government
State : Central
Year : 1972
(1) No person shall take out or renew any policy of insurance in respect of any property in India or any ship or other vessel or aircraft registered in India with an insurer whose principal place of business is outside India save with the prior permission of the Central Government. (2) If any person contravenes any provision of sub-section (1), he shall be punishable with imprisonment for a term which may extend to one year, or with fine which may extend to one thousand rupees, or with both. View Complete Act List Judgments citing this sectionTitle : Right of Acquiring Company to Seek Relief in Respect of Certain Transactions
State : Central
Year : 1972
(1) Where an existing insurer has at any time within five years before the 13th day of May, 1971-- (a) made any payment to any person without consideration; (b) sold or disposed of any property of the insurer without consideration or for an inadequate consideration; (c) acquired any property or rights for an excessive consideration; (d) entered into or varied any agreement so as to require an excessive consideration to be paid or given by the insurer; (e) entered into any other transaction of such an onerous nature as to cause a loss to, or impose a liability on, the insurer exceeding any benefit acruing to the insurer, and the payment, sale, disposal, acquisition, agreement or variation thereof or other transaction was not reasonably necessary for the purpose of the general..... View Complete Act List Judgments citing this sectionTitle : Amounts to Be Paid for Transfer and Vesting of Shares or Undertakings
State : Central
Year : 1972
(1) For the transfer of the shares of each Indian insurance company to, and vesting in, the Central Government, under section 4, there shall be paid by the Central Government to the Corporation, for distribution to the shareholders of each such company, the amount specified against such company in the corresponding entry under column 3 of Part A of the Schedule. (2) For the transfer to, and vesting in, the Central Government, under section 5, of the undertaking of each existing insurer, who is not an Indian Insurance Company there shall be paid by the Central Government to the Corporation, for payment to each such existing insurer, the amount specified against such insurer in the corresponding entry under column 8 of Part B of the Schedule. View Complete Act List Judgments citing this sectionTitle : Mode of Payment
State : Central
Year : 1972
(1) Where the amount referred to in section 11 is to be given-- (a) to the members of an Indian insurance company the amount due to each such member shall be paid in full where it does not exceed twenty-five thousand rupees and where it exceeds twenty-five thousand rupees each such member shall be paid twenty-five thousand rupees and the balance of the amount due to such member shall be paid to him in three equal annual instalments the first of which shall fall due on the appointed day; (b) to a foreign insurer, it shall be given to him in cash within three months from the appointed day; (c) to the Life Insurance Corporation, it shall be given to it in three equal annual instalments the first of which shall fall due on the appointed day; (d) to an existing insurer who is a..... View Complete Act List Judgments citing this sectionTitle : Power of Central Government to Regulate the Terms and Conditions of Service of Officers and Other Employees
State : Central
Year : 1972
(1) The Central Government may, by notification in the Official Gazette, frame one or more schemes for regulating the pay scales and other terms and conditions of service of officers and other employees of the Corporation or of any acquiring company. (2) A scheme framed under sub-section (1) may add to, amend or vary any scheme framed under section 16 [including any addition, amendment or variation made therein by notification under sub-section (6) of section 16] with respect to rationalisation or revision of pay scales and other terms and conditions of service of officers and other employees of the Corporation or of any acquiring company, to provide for further rationalisation or revision of such pay scales and other terms and conditions of service notwithstanding that such further..... View Complete Act List Judgments citing this sectionTitle : Acquiring Companies and Income-tax
State : Central
Year : 1972
For the purposes of the Income-tax Act, 1961 (43 of 1961), every acquiring company shall be deemed to be an Indian company and a company in which the public are substantially interested. View Complete Act List Judgments citing this sectionTitle : Power to Reduce Amounts of Insurance in Certain Cases
State : Central
Year : 1972
An acquiring company may, having regard to its financial condition on the 13th day of May, 1971 or the financial condition on the said date of any existing insurer whose undertaking has been transferred to and vested in it under this Act reduce the liabilities which have arisen under contracts of general insurance entered into before the said date in such manner and subject to such conditions as it thinks fit: Provided that no such reduction shall be made except in accordance with specific proposals made by the acquiring company in this behalf and approved by the Central Government. View Complete Act List Judgments citing this sectionTitle : Reference to Existing Insurer in Other Laws
State : Central
Year : 1972
Any reference to an existing insurer in any law other than this Act or any contract or other instrument shall, in so far as it relates to an acquiring company, be construed as a reference to that company. View Complete Act List Judgments citing this section