Court : Mumbai
Reported in : 1999ACJ116; 1998(4)ALLMR278; 1998(4)BomCR837; [2000]101CompCas29(Bom); 1998(3)MhLj537
..... pointed out that it is the practice of the respondent no. 1 to issue a deposit memorandum pending finalisation of acceptance of proposal. the provisions of section 64-vb of the insurance act, 1938 are not applicable in the case of life insurance in view of section 43(5) of the life insurance corporation act, 1956. the said provision declares which provisions of the insurance act, 1938 are attracted and section 64-vb is not mentioned therein. it is also contended that the object of section 64-vb of the insurance act, 1938 is that premium should be received in advance before any risk of insurance is undertaken. it is not that receipt of premium means the risk is undertaken or attached. it is submitted that the risk is undertaken ..... by the insurer only after the concluded contract takes place between the parties. reliance is placed in that respect on the judgment of the supreme court reported in a.i.r .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1971Bom174; (1970)72BOMLR698
Desai, J. 1. This is an appeal on behalf of the original respondents from the Judgment and order of Mr. Justice Vimadalal dated September, 28, 1967, granting an order of injunction restraining the original respondents from assessing or reassessing the Colaba Land and Mills Company Limited hereinafter referred to as the Mills Company to income-tax for the assessment years 1950-51 to 1955-56. 2. It is sufficient to notice that in the Company petition No. 221 of 1958 the Official Liquidator was appointed Interim Liquidator of the Mills Company by an Order dated May 1, 1959. By an Order dated October 7, 1959, the Mills Company was ordered to be wound up and the Official Liquidator was confirmed as Liquidator of the Mills Company with all powers under Section 457 of the Companies Act 1956. By six different Notices dated August 23, 1966, issued under Section 14 of, the Income-tax Officer, Companies Circle I (8), Bombay, recorded in respect of the assessment years 1950-51 to 1955-56 that the ...
Tag this Judgment!Court : Mumbai
Reported in : 1985(1)BomCR443; (1984)86BOMLR596; [1986]59CompCas417(Bom)
..... p.ltd. v. life insurance corporation (1981) bom cr 590. in that case, a single judge of this court held that the public premises (eviction of unauthorised occupants) act, 1971, was outside the legislative competence of parliament. he held that the word 'land' appearing in entry 18 in list ii - state list of the seventh schedule to the constitution - included houses and buildings and that it was the state legislature alone which was competent to legislate in that respect , and, therefore, it was the bombay rents, hotel and lodging house rates control act, 1947, which was applicable to the premises occupied by the petitioner ..... from this, the decision in that case and the passages relied on by the learned counsel and reproduced above are of no help for deciding the point for consideration in this case. in that case, the vires of the public premises (eviction of unauthorised occupants) act, 1971, were challenged. in the present case, the challenge is to the provisions of section 630 of the companies act, 1956, as far as they apply to immovable property. it was not disputed that parliament is competent to legislate in the matter of companies under entries 43 and 44 appearing in list i - union list of the seventh schedule to the constitution. as per entry 95 of the said list, parliament can legislate in respect of the offences .....
Tag this Judgment!Court : Mumbai
Reported in : [1963]48ITR464(Bom)
Tambe, J. 1. This is a reference under sub-section (1) of section 66 of the Indian Income-tax Act (hereafter referred to as the Act). We are here concerned with assessment years 1956-57 and 1957-58, the corresponding account years being those ending with 31st August, 1955, and 31st August 1956, respectively. The assessee is private limited company, which at one time was carrying on the business of manufacture time before August 1, 1949, the labour working in the factory made terms of the demands made by the labour. It appears that some certain demands and the Industrial Tribunal had made an award in terms of the demands made by the labour. The assessee anticipating that it would not be profitable to work the factory if those demands were to be satisfied, closed its business on August 1, 1949, and commenced doing the business of importing trimobiles, clocks and cement and deal in those goods. This new business was commenced before the year ended August 31, 1949. In April, 1950, the asse...
Tag this Judgment!Court : Mumbai
Reported in : [1968]70ITR1(Bom)
..... renounced 'certain shall number of shares in favour of their relatives and friends and each one of them also sold large lost exceeding, 50,000 shares to the life insurance corporation of india at the rate of rs. 2 per right shares. the stock market quotation of the right share was however about rs. 4 per share during ..... v. stephen the question was whether in terms section 49, sub-section 2a(a), of the new south wales stamp duties act, 1896, a special power to appoint amongst a limited class granted by a document could come under that statute. the privy council held that, 'mere general language in a probate duty statute applicable to the property of deceased persons and to property ..... granting of the rights in the 'right shares' to export. 34. the position as it appears to us from this agreement and the facts and circumstances of the case is clear. the three mahindras between them owned 43.44% of the share capital. mr. parpia urged that really the three mahindras and the members of their families together owned 54% of the share capital of the company (vide paragraph 9 of ..... ' by the mahindra brother by their letter dated 9th october, 1957, was not only in consideration of the relinquishment to renouncement by willys and export of their rights under the agreement of 3rd december, 1956, but also in consideration of the valuable advantages, benefits and property to be received under the agreement of 9th october, 1957, between the company, willys and export. both the gift-tax officer and .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1969Bom337; (1969)71BOMLR286; 1969MhLJ559
Patel, J.1. By this application the petitioner challenges an order of dismissal passed against him by the Zonal Manager of the Life Insurance Corporation of India on December 11, 1965. The short facts leading to the present application need be stated.2. The petitioner is an employee of the respondent the Life Insurance Corporation, which is a statutory corporate body created under the Life Insurance Corporation Act, 1956. On April 27, 1965 a charge-sheet was served upon him in respect of six items. Item no 1 was in connection with indiscipline and insubordination under Regulations 21 and 39 (1) of the Staff Regulations Charge No. 2 related to his calling a meeting of the Branch Of Office staff in the of Office premises after 5.30 p.m. without obtaining prior permission of the Branch Manager, Charge No. 3 related to his not accepting a letter dated November 9, 1964 addressed to him by the Branch Manager in relation to the meeting which was the subject-matter of Charge No. 2 Charge No. 4...
Tag this Judgment!Court : Mumbai
Reported in : [1985]58CompCas178(Bom)
..... which it was material to disclose.'13. section 43 of the life insurance corporation of india act, 1956, inter alia, provides that s. 45 of the insurance act, 1938, shall apply to the corporation as it applies to any other insurer. shri taleyarkhan did not dispute that under the provisions of s. 45 of the insurance act, 1938, it is not open to the corporation to question any policy on the ground that the statement made in the proposal was inaccurate or false. shri taleyarkhan submits that the corporation can repudiate the policy provided it ..... july 7, 1975, and the deceased died after the passage of two years from that date and obviously the provisions of s. 45 of the insurance act come into play.14. the supreme court considered the ambit of s. 45 of the insurance act in the case of mithoolal nayak v. life insurance corporation of india : air1962sc814 and laid down that the three conditions for the application of the second part of s. 45 are (at p. 184) :'(a) the statement must be on a material matter or must suppress ..... facts which it was material to disclose.'15. it is necessary now to ascertain whether the deceased made any inaccurate or false statement in the proposal submitted to the corporation and even assuming that such statement was made whether the second part of s. 45 of the insurance act has application to the facts of the case. column 4 of the proposal form requires the deceased to state what is the usual state of his health and the deceased had answered that it was .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1985Bom192; 1984(2)BomCR155
..... the time of making it that the statement was false of that it suppressed facts which it was material to disclose.'section 43 of the life insurance corporation of india act, 1956, inter alia, provides that s. 45 of the insurance act shall apply to the corporation as it applies to any other insurer, shri taleyarkhan did not dispute that under the provisions of s. 45 of the insurance act, it is not open for the corporation to question any policy on the ground that the statement made in the proposal was inaccurate or false. shri taleyarkhan submits that the corporation can repudiate the policy provided it is shown that such statement by the policy-holder was on a material matter ..... . the policy was taken out by the deceased husband of the petitioner on july 7, 1975 and the deceased died after the passage of two years from that date and obviously the provisions of s. 45 of the insurance act come into play. 10. the supreme court considered the ambit of s. 45 of the insurance act in the case of mithoolal nayak v. life insurance corporation of india : air1962sc814 and laid down that the three conditions for the application of the second part of s. 45 are :(a) the statement must be on a material matter or must suppress facts which it was material to disclose, (b) the suppression must be fraudulently made by the policy .....
Tag this Judgment!Court : Mumbai
Reported in : [1989]65CompCas710(Bom)
..... liability. for answering this question, we have to analyse and interpret section 45 of the insurance act, 1938, because section 43 of the life insurance corporation of india act, 1956, among other things, provides that section 45 of the insurance act shall apply to the corporation as it applies to any other insurer. section 45 of the insurance act reads as under :'45. policy not to be called in question on ground misstatement after two years. - no policy of life insurance effected before the commencement of this act shall, after the expiry of two years from the date of commencement of this act and no policy of life insurance effected after the coming into force of this act shall, after the expiry of two years from the date ..... had set aside the judgment of the patna high court in the circumstances of that particular case. the circumstances there were that the deceased-assured had purchased three insurance policies. the wife of the deceased who was the nominee under the policies made an application for payment under the policies. the fact of death of the assured was formed by his wife to the agent and also to the development officer. the corporation refused to pay the sums assured under the policies on the grounds that the corporation had no knowledge about the death of the deceased and that since the premiums were received after the death the deceased, the policies stood lapsed. it .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1986Bom412
..... this question we have to analyse and interpret s. 45 of the insurance act, 1938 because s. 43 of the life insurance corporation act, 1956, among other things, provides that s.45 of the insurance act shall apply to the corporation as it applies to any other insurer. section 45 of the insurance act reads as under :-'45 .policy not to be called in question on ground of misstatement after two years. no policy of life insurance effected before the commencement of this act shall after the expiry of two years from the date of commencement of this act and no policy of life insurance effected after the coming into force of this act shall, after the expiry of two years from the date ..... had set aside the judgment of the patna high court in the circumstances of that particular case. the circumstances there were that the deceased-assured had purchased three insurance policies. the wife of the deceased who was the nominee under policies made an application for payment under the policies. the fact of the death of the assured was informed by his wife to the agent and also to the development officer. the corporation refused to pay the sums assured under the policies on the grounds that the corporation had no knowledge about the death of the deceased and that since the premiums were received after the death of the deceased the policies stood lapsed. it .....
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