Court : Kerala
Reported in : (1979)IILLJ1Ker
..... under the statute from the provisions relating to other corporations established under some other enactment.6. the life insurance business previously carried on by companies was nationalised in 1956 with the passing of the life insurance corporation act, 1956 (act 31 of 1956). section 3 of the act provides for the establishment of a corporation called the life insurance corporation of india, a body corporate having perpetual succession and a common seal with power ..... . bhagatram, (supra). this case relates to the employees of life insurance corporation of india. in the above decision it was held that the life insurance corporation is a corporation established by the statute and the employees of the corporation acquire a statutory status under the provisions of the life insurance corporation act and the various rules and regulations framed thereunder by the corporation. that is not the case here. so the principle laid .....
Tag this Judgment!Court : Chennai
Reported in : [1999]97CompCas478(Mad)
..... both the enactments are different. as observed by the supreme court in life insurance corporation of india v. d. i. bahadur [1980] 2 lln 575; [1981] 58 fjr 51 while examining the question as between the industrial disputes act and the life insurance corporation act, which enactment is special and which is general, the peaceful co ..... -existence of both legislations is best achieved, if that be feasible, by allowing to each its allotted field for play. 12. the next question we have to examine is as between the industrial disputes act and the sick industrial companies act ..... for the adjudication of such industrial disputes. as pointed out by the supreme court in life insurance corporation of india v. d. j. bahadur (1980) 2 lln 575; [1981] 58 fir 51 the industrial disputes act is a special statute devoted wholly to investigation and settlement of industrial disputes which provides .....
Tag this Judgment!Court : Chennai
Reported in : [1985]57CompCas126(Mad); (1984)IILLJ34Mad
..... a case of ascertaining the meaning of the words' authority under the control of government of india', certainly, having regard to the close similarity between the life insurance corporation act and central act 5 of 1970, without hesitation we would have held that the bank is and authority. but, we are to construe the meaning of an establishment under ..... central government and the hands are also of the central government.' 72. mathew, j. observed as follows (at p. 250) : 'the relevant provisions of the life insurance corporation act have been very clearly analysed in the judgment of may lord the chief justice and it is unnecessary to repeat them. in is clear from those provisions that the ..... been held to be an authority within the meaning of article 12 and having regard to the close similarity between the provisions of the life insurance corporation act and central act 5 of 1970, this ruling cannot be held to be good law any longer. it is no doubt true that the ruling in narayanaswami v. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1963SC1185; [1963]33CompCas420(SC); [1963]Supp2SCR887
..... resolution sanctioning payment was unauthorised, cannot be challenged in view of the express provision in s. 15 of the life insurance corporation act. under s. 15(1)(a) of life insurance corporation act, 1956, where an insurer whose controlled business has been transferred to and vested in the corporation under the act, has at any time within five years before the 19th day of january, 1956, made any payment to any ..... company, they will be personally liable to make good the amount belonging to the company which was unlawfully disbursed in pursuance of the resolution. again by s. 15 of the life insurance corporation act, 1956 the life insurance corporation is entitled to demand that any amount paid over to any person without consideration, and not reasonably necessary for the purposes of the controlled business of the .....
Tag this Judgment!Court : Supreme Court of India
Reported in : 2009(4)BomCR774; JT2008(9)SC551; 2008(11)SCALE391; (2008)9SCC720; 2008(2)LC1155(SC); 2008(6)Supreme89
..... (lic) whereas part ii of the same schedule refers to public undertakings which are government companies under the 1956 act. that, every government company whose annual report is placed before parliament under section 619a of the 1956 ..... the 1956 act. learned counsel submitted that under rules of procedure and conduct of business in lok sabha under chapter xxvi there is reference to constitution of parliamentary committees. rule 312a refers to functions of 'committee on psus' specified in the fourth schedule. item 5 of part i of the fourth schedule (list of public undertakings) refers to the life insurance corporation of india .....
Tag this Judgment!Court : Mumbai
Reported in : (1982)29CTR(Bom)112; [1983]141ITR215(Bom); [1982]10TAXMAN308(Bom)
..... life insurance (emergency provisions) act. on june 18, 1956, the life insurance corporation act, 1956, (referred to hereinafter as 'the lic act'), came into force. the object of the lic act was to provide for the nationalisation of life insurance business in india by transferring all such business to a corporation established for that purpose. section 3(1) of the lic act authorised the central govt. to establish the life insurance corporation ..... no justification whatsoever for importing the rules contained in the schedule i to the life insurance corporation act, into the indian income-tax act, 1922, for computing capital gains under s. 12b of the act ?(2) whether, on the facts and in the circumstances of the case, the ..... refund arises is in respect of interest on securities which appertained to the life insurance business or the controlled business of the assessee. sub-sections (1) and (2) of s. 7 of the life insurance corporation act, 1956, run as follows :'(1) on the appointed day there .....
Tag this Judgment!Court : Mumbai
Reported in : [1999]236ITR220(Bom)
..... bearing on the determination of the controversy in this case, is set out below : 'paragraph f in the case of a company, other than the life insurance corporation of india established under the life insurance corporation act, 1956 (31 of 1956), - rates of income-tax i. in the case of a domestic company - (1) where the company is a company ..... of income-tax is applicable. paragraph f-i (1) of the first schedule to the finance (no. 2) act, 1971, reads as under : 'in the case of a company, other than the life insurance corporation of india established under the life insurance corporation act, 1956 (31 of 1956), - rates of income-tax1. in the case of a domestic company -(1) where ..... 1971, reads as follows (see [1971] 81 itr 81) 'paragraph f in the case of a company, other than the life insurance corporation of india established under the life insurance corporation act, 1956 (31 of 1956), - rates of income-taxi. in the case of a domestic company -(1) where the company is a companyin which the .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1974]96ITR101(P& H)
..... that the said policies being annuity policies are not entitled to exemption. having conceded that the present policies are policies of insurance and are covered by the definition of the words 'life insurance business' which business after the enactment of the life insurance corporation act, 1956, could only be undertaken by the life insurance corporation of india, it is apparent that the present policies answer the description of policies of ..... insurance and, therefore, the said policies are covered by the provisions of clause (vi) of sub-section (1) of section 5 of the .....
Tag this Judgment!Court : Chennai
Reported in : 1999(1)CTC379; (1999)IIMLJ1
..... interest at 6 per cent per annum and to pay the costs.2. the plaint averments are, that her husband d. jagannathan took a life insurance policy in policy no. 42818571 on 13.5.1975 with the defendant/corporation for a sum of rs.50,000 appointing the plaintiff as thenominee; that her husband who was hardly 41 years of age died on ..... on 11.12.1976 itself, entrusting the original policy as nominee appointed under section 39 of the insurance act, the appellant claimed the said policy amount; that keeping the matter pending for six months, on 17.6.1977, her claim got rejected by the respondent/corporation.6. the learned counsel appearing for the appellant would further contend that on two counts, the respondent ..... of the case in hand and it is up to the l.i.c. authorities to have taken all the precautions such as found in ex.b.18 and having acted in a slip-shod manner and having failed to find out the truth if at all there was one, regarding the ailment of the deceased jaganathan at the time of .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1961Cal443,65CWN69
..... the company ceased to be in charge of such management 15. on 21st march, 1956 the life insurance (emergency provisions) act of 1956 was passed. 16. on 1st july, 1956 the life insurance corporation act of 1956 came into force and under the said act the life insurance corporation of india (hereinafter referred to as the corporation) was established with effect from 1st september, 1956. under section 7, sub-section (1) of ..... the said act all the assets and liabilities appertaining to the controlled business of all insurers vested in the life insurance corporation with effect from 1st september, 1956 .....
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