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The Senior Divisional Manager, LiC of India Vs. the Vice President, Li ...

Court : Karnataka

Reported in : ILR2004KAR4748; 2004(7)KarLJ388

..... of lic, consequent to insertion of sub-section (2) (cc), (2a), (2b) and (2c) by way of amendment to section 48 of the life insurance corporation act, 1956.2. the facts leading to this writ petition are as hereunder:-one sri n. kesar singh was an employee of the lic having been appointed as a ..... lic, assailing the impugned order passed by the labour court contended that the life insurance corporation act, 1956 is a self contained act and section 48 of the said act provides for provisions to make regulations and also to make rules. section 49 of the act empowers the corporation to make regulations in respect of matters enumerated in sub-section (2) (a ..... into force on 31st of january, 1981 provided that under sub-section (2a) of section 48 of the life insurance corporation act, 1956, the regulations which were already in force immediately before the commencement of the amendment act, shall be deemed to be rules made by the central government and they shall be deemed to have effect .....

Reserve Bank of India and Others Vs. Peerless General Finance and Inve ...

Court : Supreme Court of India

Reported in : 1996IAD(SC)774; AIR1996SC646; [1996]85CompCas920(SC); JT1996(1)SC8; 1996(1)SCALE13; (1996)1SCC642; [1996]1SCR58

..... 1932 as a limited company under the provisions of the indian companies act, 1913 with the name peerless general insurance and investment company ltd. it was carrying on life insurance business. after the enactment of the life insurance corporation act, 1956 peerless could not carry on life insurance business and if changed its name to 'peerless general finance and ..... 45(h) or 45(q) which contains provisions relating to non-banking institutions receiving deposits and financial institutions was inserted in the act. in section 45-i various expressions, viz., 'company', 'corporation', 'deposit', 'financial institution', 'firm' and 'non-banking institution' have been defined section 45-j empowers the bank to ..... rate of interest that is fixed is 10% per annum and that it is common knowledge that in present times even the public sector corporations and companies and other financial and non-financial companies pay interest at much higher rates ranging from 14% to 18% and that companies doing .....

P.V. Mani and ors. Vs. Union of India (Uoi) and ors.

Court : Kerala

Reported in : AIR1986Ker86

..... act, petitioners therefore challenge the validity of act 1 of 1981 also.2. the life insurance corporation (hereinafter referred to as the corporation) was constituted under the life insurance corporation act, 1956 (hereinafter referred to as the act). the life insurance business ofabout 243 companies was ..... . they seek to avoid ext. p2 order of the government of india and ext. p3 regulation issued by the life insurance corporation of india, both on the same day viz., 19-12-1978. during the pendency of the original petition, the life insurance corporation act, 1956, was amended by life insurance corporation (amendment) act, 1 of 1981, incorporating exts. p2 and p3 as rules under section 48(2)(cc) of the .....

Lic of India Vs. R. Suresh

Court : Supreme Court of India

Reported in : 2008(2)AWC1806(SC); [2008(118)FLR1189]; JT2008(5)SC342; 2008(2)KLT95(SC); (2008)IILLJ708SC; 2008(4)SCALE512; 2008(3)SLJ344(SC)

s.b. sinha, j.leave granted.1. whether jurisdiction of the industrial courts are ousted in regard to an order of dismissal passed by the life insurance corporation of india, a corporation constituted and incorporated under the life insurance corporation act, 1956, is the question involved in this appeal which arises out of a judgment and order dated 3.2.2006 passed by a division bench of the kerala ..... , however, having regard to the definition of 'industry' as contained in section 2(j) of the industrial disputes act, 1947 cannot take within its umbrage the functions of the life insurance corporation outside its purview.13. under the industrial law, and in particular the 1947 act, the authorities specified therein, the appropriate governments and the industrial courts have various functions to perform. terms and conditions .....

Commissioner of Income-tax, Bombay City-iii Vs. New India Assurance Co ...

Court : Mumbai

Reported in : [1980]50CompCas335(Bom)

..... revenue that the market value as on january 1, 1954, was required to be determined in accordance with the formula prescribed in the schedule to the life insurance corporation act, 1956. this contention was not accepted by the tribunal. the tribunal then considered the various items as had been considered by the aac and substantially accepted ..... his view, the question was required to be decided by keeping before oneself not only the provisions of the said act but the said act as well as the life insurance corporation act, 1956 (hereinafter referred to as the nationalisation act for the sake of brevity), which came into effect on 1st september, 1956, which completed the process of ..... ., january 1, 1954, applying the formula laid down in para. 1, expln. 2 (of the schedule to the life insurance corporation act, 1956). on that basis he arrived at the fair market value of the life insurance business as on january 1, 1954, at rs. 36,69,262 and he took the difference between that amount and .....

N. Raghunathan Vs. Union of India (Uoi) and ors.

Court : Chennai

Reported in : (1995)IILLJ1025Mad

..... . of india (staff) regulations, 1960. the life insurance corporation of india (hereinafter referred to as the corporation) was established under section 3 of the life insurance corporation act, 1956 (hereinafter referred to the said act) (act 31 of 1956). by the said statute, the life insurance business in the country was transferred to and vested in the life insurance corporation of india. section 11(1) of the said act provides for the transfer of services of ..... appearing for the respondents 2 and 3 submitted that in view of the provisions of the life insurance corporation (amendment) act, 1981, the provisions of life insurance corporation of india (staff) regulations 1960 (hereinafter called the regulations) have not only become the rules made by the central government under section 48 of the life insurance corporation act, 1956, but also they shall have effect, notwithstanding anything contained in the industrial disputes .....

Saurashtra University and anr. Vs. Saurashtra University Karmachari Pa ...

Court : Gujarat

Reported in : [2004(101)FLR536]; (2004)1GLR160

..... read with regulation-14, will not amount to 'retrenchment' within the meaning of section 2(oo) of the industrial disputes act because the regulations framed under section 48(2)(cc) of the life insurance corporation act, 1956 will have overriding effect over the provisions of the industrial disputes act. the learned advocate submitted that in the present case, as subsection 3 of section 7 of the ..... act bars the jurisdiction of other forums, the forum constituted under the act only will have jurisdiction to decide the dispute between the .....

G. Raja Rao and Others Vs. Union of India and Others

Court : Andhra Pradesh

Reported in : 1998(3)ALD220a; 1998(4)ALT76

..... of 1976 as well as the rules of 1987 have been admittedly issued under the power conferred under section 48 read with section 49 of the life insurance corporation act 1956 (act 31 of 1956)5. all the seven petitioners were working as section heads and h.g.as. as shown in the chart below :si.no ..... of a.a.o it has already been stated that the earlier regulations governing the promotion were of 1976. they were known as life insurance corporation promotion regulations 1976. they have been replaced by life insurance corporation of india class-id and class-iv employees promotional rules, 1987 (for short the '1987 promotional rules'). 1987 promotional rules specifically ..... facts in w.p.no. 6440 of 1998 are stated for purposes of understanding the nature of the point involved. petitioners were recruited as assistants in the life insurance corporation of india (hereinafter referred to as the 'l.i.c') on various dates between 1961 to 1967. promotional post for such assistants is higher grade assistants .....

The Commissioner of Income Tax, West Bengal Ii, Calcutta Vs. Naga Hill ...

Court : Supreme Court of India

Reported in : AIR1973SC2524; [1973]89ITR236(SC); (1973)4SCC200; [1973]3SCR510

..... pro- .. 11% fits and gains from life insurance business. in the case of every other company, --rate of ..... assessee.5. we may now read the relevant provisions of the finance act, 1959. they are found in paragraph d of part ii of the first schedule to the finance act, 1959 and are as under:in the case of the life insurance corporation- of india established under the life insurance corporation act, 1956 (xxxi of 1956)--rate of super-taxon the whole of its ..... calendar year 1958. the assessee is a tea company. for the assessment year 1959-60 it was assessed to a total income of rs. 55,257/-. the corporation tax payable by the assessee on that amount was computed at rupees 26,357/-. on that a rebate of rupees 16.114/- was allowed under the provisions .....

V.Venkata Siva Kumar Vs. Institute of Chartered Accounts of India

Court : Chennai

..... meaning of article 12 of the constitution, vide sukhdev singh v. bhagatram sardar singh raghuvanshi9. it is created under an act, namely, the life insurance corporation act, 1956, and is charged with the duty to carry on life insurance business, whether in or outside india . it is further charged with the duty to so exercise its powers under the ..... act as to secure that life insurance business is developed to the best advantage of the community [section 6(1)]. it is, therefore, ..... by the author. the underlying idea is to point out that unduly high premiums are charged by the lic from those taking out life insurance policies thereby denying access to insurance coverage to a vast majority of people who cannot afford to pay the high premiums. the forwarding letter of july 10, 1978 would .....