Court : Chennai
Reported in : [1985]57CompCas126(Mad); (1984)IILLJ34Mad
..... according to sri m. r. narayanaswami, learned counsel for the write petitioners, having regard to the close similarity between the life insurance corporation act and central act 5 of 1970, undoubtedly, the nationalised bank would be 'an establishment under the government of india.' we will now draw a tabular statement of the provisions of the ..... namely, the banking companies (acquisition and transfer of undertakings) act, 1970. it is wholly owned by the central government. the general supervision, direction and management of the affairs and business of the punjab national bank are vested in a board of director appointed pursuant to a scheme made by the central government has ..... section 9. (4) until the first board of directors is appointed by the central government under sub-section (3), the general superintendence, direction and management of the affairs and business of a corresponding new bank shall vest with the custodian. (5) the chairman of the existing bank shall be the custodian and .....
Tag this Judgment!Court : Chennai
Reported in : (1985)2MLJ439
..... to mr. m.r. narayanaswami, learned counsel for the writ petitioners, having regard to the close similarity between the life insurance corporation act and central act v of 1970, undoubtedly nationalised bank would be an establishment under the government of india'. we will now draw a tabular statement of the provisions of the ..... made under section 9.(4) until the first board of directors is appointed by the central government under sub-section (3), the general superintendence, direction and management of the business of the corresponding new bank shall vest with the custodian.(5) the chairman of an existing bank shall be the custodian and if ..... , namely, the banking companies (acquisition and transfer of undertakings) act, 1970. it is wholly owned by the central government. the general supervision, direction and management of affairs and business of punjab national bank are vested in a board of directors appointed pursuant to a scheme made by the central government in consultation with .....
Tag this Judgment!Court : Chennai
Reported in : AIR1958Mad343; (1958)1MLJ367
..... therefore furnished no analogy to the present case, where the government had nationalised the business of the insurance by taking over the assets of companies theretofore transacting life insurance business, had by statute created for itself a monopoly in such business and had created a corporation for the transaction of what was thereby rendered ..... , act xxxi of 1956, recited:an act to provide for the nationalisation of life insurance business in india by transferring all such business to a corporation established for the purpose and to provide for the regulation and control of the business of the corporation and for matters connected therewith or incidental thereto.13. ..... . the only distinguishing feature on which some stress was laid was insurance was a nationalised business.32. in this connection the learned advocate-general urged that the union and the states had under the constitution a right to carry on business as part of their governmental functions and that this indeed was implied .....
Tag this Judgment!Court : Chennai
Reported in : (1984)ILLJ456Mad
..... also been created by a statute has been taken to be an agency of the central govt. carrying on the exclusive business of life insurance, it has been held that each and every provisions in the life insurance corporation act shows in no uncertain terms that the voice is that of the central govt. and the hands are also ..... and the same shall be placed before both the house of parliament. all these features clearly show that the voice of the nationalised banks is that of the central govt. and their hands are also ..... goes to the central govt. the directors and chairman of the nationalised banks are nominated by the central govt. they cannot be wound up except by the central govt. their accounts are audited by auditors who are appointed with the previous approval of the comptroller and auditor-general of india and the report is forwarded to the central govt. .....
Tag this Judgment!Court : Chennai
Reported in : (1990)IILLJ474Mad
..... was good reason to make a distinction between the employees who had entered service prior to nationalisation and those who joined thereafter. at the time of nationalisation the corresponding new banks did not have their own employees to run the vast business taken over under the act. there was, therefore, necessity to secure the services of ..... so far as the employees recruited after nationalisation were concerned, the government applied the rules generally applicable to all its employees in other spheres of government service. we have given detailed reasons in our judgment in the life insurance corpn. of india v. s. s. srivastava (civil appeal nos. 1076-1077 of 1987) decided on 5th may, 1987; ..... complete the stipulated service or age of retirement on the last day of the month previous to the month and will stand retired as from the close of business on that date.' 23rd february 1984, the central board of the first respondent-bank at its meeting introduced a new proviso to sub-paragraph (1) of .....
Tag this Judgment!Court : Chennai
Reported in : AIR1960Mad484
..... of payment of excessive remuneration etc. but by 1956 for reasons of state policy the life insurance corporation act, 1956 (act 31 of 1956) was enacted to provide for the nationalisation of life insurance business in india by transferring all such business to a corporation established for the purpose and to provide for the regulation and control of ..... he thereby agreed that that declaration together with the proposal for assurance shall be basis of the contract to be made between him and the all india general insurance company limited, to the question, 'do you take alcoholic liquor' he has answered that he took the same occasionally in company, and to the question ..... the deceased palanivel nadar. palanivel nadar has a brother-in-law by name c. m. thyagarajan. this thyagarajan was the agent of the defendant insurance company, the all india general insurance company limited. palanival nadar, as appears from the evidence, was a heavy drinker and afflicted with syphilis. on 2-1-1948 the deceased .....
Tag this Judgment!Court : Chennai
Reported in : AIR1964Mad335; (1963)IILLJ304Mad
..... office of profit' in article 191(a) could not be construed in the wide sensa urged by the learned advocate general. the learned judges referred to certain criteria for deciding whether a public corporation like the life insurance corporation of india was a department of the government, namely, the incorporation of the body, the degree of control ..... that the degree of control exercised by the government over the body ought to be the determining fact.' and also to an article captioned 'nationalisation in legal perspective' in 'the current legal problems' 1952, by professor scammel regarding the exact constitutional position of the public corporations created for carrying on ..... functions strictly so viewed but in a wider sense, the carrying on by the state or by a corporation-owned and controlled by the state of any trade, business, industry, or service, the extent and content of the control exercised by the government, are among the more important criteria. statutory origin of the authority may .....
Tag this Judgment!Court : Chennai
Reported in : [1995]215ITR596(Mad)
..... allowance was granted voluntarily and without any request made by the assessee. after the royal insurance company was nationalised, the general insurance company took over the assets and liabilities of the royal insurance company as it stood on the date. thereafter, on the date of retirement of sri. venkatakrishnan, the general insurance company would have paid all amounts due to a retired employee. after the taking over ..... , no assessable as income in her hands in sustainable in law. 2. the assessee is an individual. her husband, sri venkatakrishnan, was an employee of royal insurance company of the united kingdom. on january 1, 1973, the business of royal insurance company was taken over by the general insurance company, a government of india undertaking. the husband of the assessee became an employee of the .....
Tag this Judgment!Court : Chennai
Reported in : (1993)ILLJ1030Mad; (1992)IIMLJ573
..... 25. vii. point no. 1. : validity and applicability of regulations : the l.i.c. was constituted under the life insurance corporation act, 1956, to provide for the nationalisation of life insurance business in india by transferring all such business to a corporation established for the purpose and to provide for the regulation and control of the ..... and the workmen, the industrial disputes act was a special legislation which prevailed over the life insurance corporation act, which was a general legislation.it was pointed out that in the matter of compensation on nationalisation the latter act was a special statute. according to learned counsel the position did not change ..... powers in respect of the matters enumerated in the concurrent list. we are, therefore, unable to accept the contention of the learned additional solicitor general that the public premises act, having been enacted by parliament in exercise of legislative powers in respect of matters enumerated in the union list would .....
Tag this Judgment!Court : Chennai
Reported in : AIR1965Mad357
..... and the heavy burden laid upon it.(14) before parting with this case, we would like to make an observation, the business of life insurance has been nationalised and in the matter of its business activities, the life insurance corporation has a great responsibility to the public. whenever claims are repudiated and disputes come to courts of law the life ..... would be sufficient to successfully challenge the policy.(11) reference may also be made to the discussion of the legal principles in all india general insurance co. ltd. v. s. p. maheswari, : air1960mad484 a recent bench judgment, to which one of us was a party for the statement of the law ..... was suffering from diabetes and high blood pressure, with sugar and albumen in urine and whether he fraudulently suppressed this important information when he made the proposal for insurance.(after discussing the evidence of the defendants, the learned judge found as follows):--thus, it is crystal clear, that the company has decided to repudiate the .....
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