Court : Supreme Court of India
Reported in : 2008ACJ2399; 2008(5)ALLMR(SC)928; (2008)3CALLT1(SC); (2008)3GLR2356(SC); (2008)5MLJ1006(SC); (2008)151PLR644; 2008(7)SCALE377; (2008)10SCC404; 2008AIRSCW7532; AIR2009SC446; 2008AIRSCW7532
..... are the two subsidiary insurance companies of general insurance corporation of india, carrying on the insurance business in terms of the 1972 act. the general insurance companies had a monopoly over the business of general insurance whereas life insurance corporation of india constituted under the life insurance corporation act, 1956 enjoyed the monopoly in respect of the business of life insurance.5. the business activities of the insurance companies are governed by the insurance act, 1938 (for short ..... the 1938 act). in terms of .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : AIR1997AP304
..... life insurance corporation of india act and the rules framed thereunder. the life insurance corporation of india was established on 1-9-1956. the life insurance corporation of india act, 1956 was enacted.9. section 2 of the act deals with definitions. section 4 deals with the constitution of the corporation. chapter iii deals with the functions of the corporation.10 ..... the managing director and the chairman of the life insurance corporation of india have no jurisdiction to issue those circulars and that too without amendment to the provisions of the life insurance corporation of india act incorporating the clause not to appoint spouse as agent of the life insurance corporation, and further contended that as the above said ..... the learned single judge rightly held that the circulars are illegal.23. as per section 48(2) of the life insurance corporation of india act, the central government is vested with the power of framing regulations as to the terms and conditions of services of employees and agents .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1984SC127; [1984(48)FLR448]; 1984LabIC691; (1984)ILLJ368SC; 1984(1)SCALE539; (1984)3SCC127; [1984]3SCR252; 1984(16)LC500(SC)
..... of india and anr. (supra). in the view we have taken, it is not necessary to examine these decisions in detail. in those cases, the question under consideration was the life insurance corporation act, 1956 and the subsequent amendments thereto as well as certain orders in respect of the same.35. the basis upon which the aforesaid two decisions proceeded were (a) a right ..... petitioners, the only properly called schemes sanctioned under section 16(1) are those four merger schemes of 1973 as would be evident from the preamble to the act.19. the petitioners further contend that under the life insurance corporation act, banking companies act. etc. there were powers to frame regulations independently of reorganisation. but there is no such power, according to the petitioners, under the general .....
Tag this Judgment!Court : Mumbai
Reported in : [1978]115ITR45(Bom)
..... is 1963-64, for the purpose of assessment the inter-valuation period is the period from january 1, 1962, to march 31, 1963. under the life insurance corporation act under section 7, it was provided that on the appointed day, which was september 1, 1956, there shall be transferred to and vested in the ..... of the first schedule to the income-tax act, 1961, permits exclusion from the annual average surplus of any surplus or deficit included therein which was made ..... due in respect of the previous year to the other insurers whose property had vested in the life insurance corporation has not been included in the surplus for the earlier inter-valuation period, both the authorities have loss sight of the statutory provisions in section 7 of the life insurance corporation act. it is contended that when rule 2(1)(b) .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1986SC1571; (1986)3CompLJ1(SC); 1986LabIC1312; (1986)IILLJ171SC; 1986(1)SCALE799; (1986)3SCC156; [1986]2SCR278; 1986(2)SLJ320(SC)
..... case were the oil and natural gas commission established under the oil and natural gas commission act, 1956, the life insurance corporation established under the life insurance corporation act, 1956, and the industrial finance corporation established under the industrial finance corporation act, 1948. ray, c.j., speaking for himself and chandrachud and gupta, jj., pointed out ..... not have a statutory character like the oil and natural gas commission, or the life insurance corporation or industrial finance corporation. it is a society incorporated in accordance with the provisions of the societies registration act. the fact that the prime minister is the president or that the government ..... related to regulation 48 of the air india employees' service regulations framed by air india international. air india international is a corporation established under the air corporations act, 1953 (act no. 27 of 1953) and it is indisputably 'the state' within the meaning of article 12 of the constitution. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1991SC855; [1992]74CompCas482(SC); JT1990(3)SC417; 1990(2)SCALE200; (1990)4SCC406; [1990]3SCR649
..... a tenant under m/s. bharat insurance co. ltd. since 1948. the life insurance business was nationalised under the life insurance corporation act, 1956 whereby the life insurance corporation was established and the life insurance business carried on by the various insurance companies, including m/s. bharat insurance company ltd., was nationalised and vested in the life insurance corporation. as a result petitioner no. 1 became a tenant of the life insurance corporation. the life insurance corporation gave a notice under section 106 .....
Tag this Judgment!Court : Mumbai
Reported in : [1980(41)FLR199]; (1981)ILLJ462Bom
..... and natural gas commission act, 1959. it is clear that neither there is any provision for ..... . there are many statutory corporations which do provide for share capital and enjoin upon the government to subscribe to the same. few such enactments are : the warehousing corporation act, 1962, the agricultural refinance corporation act, 1963, the industrial development bank of india act, 1964, the unit trust of india act, 1944, the food corporation act 1964, the bank of india act, 1955, the life insurance corporation act, 1946, the deposit insurance corporation act, 1961, and the oil .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1973SC250; 1973LabIC211; (1973)2SCC352; [1973]2SCR998; 1973(5)LC446(SC)
..... cheques, when presented for payment, were not honoured by the bank on the ground that they were not signed by the custodian. 3. on june 18, 1956, parliament passed the life insurance corporation act, 31 of 1956, which came into force as from july 1, 1956. a notification, dated august 30, 1956, issued there-under fixed september 1, 1956 as the appointed day, that ..... granted by the high court of calcutta, raises questions of interpretation of section 3(2) of the life insurance (emergency provisions) ordinance, 1 of 1956, section 11 of the life insurance corporation act, 31 of 1956 and rule 12a of the life insurance corporation rules, 1956 made under section 48 of the said act. 2. these questions arise in the following circumstances: prior to january 1, 1956 the appellant was .....
Tag this Judgment!Court : Chennai
Reported in : (2008)1MLJ270; 2007(5)CTC392
..... is relatable to the provisions of the 1981 act, it will have to be held that 1983 act would be a general legislation and the 1981 act being a special enactment, 1981 act alone will prevail.19. in : (1981)illj1sc (the life insurance corporation of india v. d.j. bahadur and ors.), the question arose as to whether the life insurance corporation act is a general enactment or special enactment compared ..... with the provisions of the industrial disputes act.20. after analysing the various provisions of the lic act and the id act, the hon'ble supreme court, has stated the legal position as under in paragraphs 30 and 31.30. be .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1970SC1244; [1970(20)FLR17]; (1970)ILLJ32SC; (1969)2SCC838; [1970]2SCR250
..... )illj442sc . according to him, in that case, an order of termination of service passed by the life insurance corporation of india, terminating the services of certain employees in breach of regulations framed by it under section 49 of the life insurance corporation act, 1956 (act xxxi of 1956)(hereinafter called the insurance act) has been held to be void. therefore counsel urges that applying the same analogy, a breach of ..... be terminated. by not complying with the provisions of clause 10 of the order of the central government, which is really related to section 11 of the insurance act, the life insurance corporation must be considered to have acted in gross violation of the manda-tory provisions of the statute. therefore, it was not as if that the employees were there seeking to enforce a contract .....
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