Court : Supreme Court of India
Decided on : Sep-29-1964
Reported in : AIR1965SC975; [1965]35CompCas388(SC); [1965]1SCR403
..... in giving it an extended meaning. we accept this argument. the word 'surplus' here has the technical meaning which arises from the insurance act which is made applicable for purposes of valuation by s. 43 of the life insurance corporation act read with notification no. g.s.r. 734 dated august 23, 1958. that meaning is also apparent from s. 26 of the life insurance corporation act quoted above. indeed, the two sections are intimately connected. 14. under s. 28 the surplus which results from an actuarial investigation is to be disposed of by allocating not less ..... life insurance corporation act came into operation. even before the under life insurance (emergency provisions) ordinance, 1956 (which was followed by act 9 of 1956 of the same name), the business of the insurance company had been taken over by the government of india on january 19, 1956. on the passing of the life insurance corporation act, the 'controlled business' of all insurers vested on september 1, 1956 in the life insurance corporation. under the life insurance corporation act 'controlled business' means life insurance business and in the case of an insurer carrying on only life insurance business, all his business. the insurance company was of this description and all its business, therefore, vested in the life insurance corporation under s. 7 of the life insurance corporation act. section 9 of the life insurance corporation act provided for certain effects of this vesting. the first sub-section of that section .....
Tag this Judgment!Court : Chennai
Decided on : Jan-29-1964
Reported in : AIR1965Mad357
Ramamurti, J.(1) The Life Insurance Corporation of India (Unit: The Oriental Government Security Life Assurance Co., Ltd, Bombay) hereinafter called the Company is the appellant in this appeal. The respondent, Srimathi Parvathavardhini Ammal, is the widow of one V. S. N. C. Narasimhan Chettiar, (hereinafter referred to as the assured or V. S. N. C.), has filed the suit O. S. No. 62 of 1958 on the file of the sub-Court, Tiruchirapalli to recover a sum of Rs. 20,000 due under an insurance policy No. 1733287 dated 22-5-1954 and a sum of Rs. 30,000 due under another insurance policy No. 1855372 dated 26-3-1955 on the ground that the said policies were accepted at the ordinary rate by the Insurance company certifying the life of V. S. N. C. Aforesaid as a first class one by four eminent doctors of the company, that the plaintiff (respondent) was the nominee under the aforesaid two policies, that the said assured died on 20-5-1955, on account of coronary thrombosis which attack set in on 17-...
Tag this Judgment!Court : Mumbai
Decided on : Jan-30-1964
Reported in : [1964(9)FLR411]
1. This is an appeal under S. 82 of the Employees' State Insurance Act (Act XXXIV of 1948), from an order passed by the Employees' Insurance Court, Bombay. The question which arises in the appeal is whether the appellants, Bank Silver Company, are a 'factory' within the meaning of S. 2, Clause (12), of the Act. The appellants filed an application in the Employees' Insurance Court for a declaration that they were not covered by the Employees' State Insurance Act and that the partners of the appellant-firm were not 'employees' within the meaning of S. 2, Clause (9), of the Act. The application has been dismissed and this appeal is directed against that order. 2. The facts which are necessary for the decision of the question raised on this appeal are admitted. The appellants are a partnership firm owning an establishment in which articles of silver are manufactured. The firm employs eighteen workers in its establishment and, in addition, four of the six partners of the firm also work in t...
Tag this Judgment!Court : Mumbai
Decided on : Jan-30-1964
Reported in : AIR1965Bom111; (1964)66BOMLR780; ILR1965Bom8; 1965MhLJ157
(1) This is an appeal under S. 82 of the Employees' State Insurance Act, (Act No. 34 of 1948), from an order passed by the Employees' Insurance Court, Bombay. The question which arises in the appeal is whether the appellants Messrs. Bank Silver Company, are a 'factory' within the meaning of Section 2 clause (12) of the Act. The appellants filed an application in the Employees' Insurance Court for a declaration that they were not covered by the Employees' State Insurance Act and that the partners of the appellant firm were not 'employees' within the meaning of Section 2 clause (9) of the Act. The application has been dismissed and this appeal is directed against that order.(2) The facts which are necessary for the decision of the question raised on this appeal are admitted. The appellants are a partnership firm owing an establishment in which articles of silver are manufactured. The firm employs 18 workers in its establishment and, in addition, four of the six partners of the firm also ...
Tag this Judgment!Court : Mumbai
Decided on : Jan-31-1964
Reported in : AIR1965Bom21; (1964)66BOMLR551; ILR1965Bom96
(1) This appeal arises out of an application by the parents of a boy of six, by name Arthur Beter, for compensation on account of the death of that boy alleged to have been caused by the rash and negligent driving of opponent No.1.(2) The learned Tribunal computed the claim on three heads :(I) Rs. 250/- for pain and suffering (ii) Rs. 1000/- for loss of services and (iii) Rs. 5,200/- for loss of expectation of life, and rounded up the total by awarding Rs. 6,000/- with costs. The application was filed by the father and mother together. The opponent No.1 as also the Insurance Company have appealed.(3) The first point that is raised before me is that the Tribunal had no jurisdiction to entertain the application. It arises under the following circumstances : The accident occurred at about 10-45 a.m. on 16th December 1958. The Tribunal was constituted on the 1st of December 1949 and the present application was made on the 14th of December 1959. It is argued that since the application was n...
Tag this Judgment!Court : Kolkata
Decided on : Feb-13-1964
Reported in : [1965]35CompCas706(Cal),69CWN369
Bose, C.J.1. This is an appeal from an order of A. N. Ray J. refusing an application for an interlocutory injunction restraining the passing of certain resolutions of a company known as National Co. Ltd. at the proposed annual general meeting of the company. The appellant is a shareholder of the National Co. Ltd, The case of the appellant is that in the middle of1961, the National Co. Ltd. purported to appoint in Calcutta one B.M.T. Commodity Corporation of New York State in the United States of America as its sole selling agent. After the said appointment the first general meeting of the National Co. Ltd. was held on July 17, 1961. On January 27,1962. the board of directors of the said company by an agreement in writing appointed the said B.M.T. Commodity Corporation as its sole selling agent for the sale of jute backing cloth and ordinary burlap over the width of hundred inches manufactured by the said company for the territories of the United States of America, its possessions, Cana...
Tag this Judgment!Court : Kolkata
Decided on : Feb-20-1964
Reported in : AIR1964Cal388
P.B. Mukharji, J.1. This is an application under Article 226 of the Constitution by the petitioner, Murari Mohan Ghose against the Life Insurance Corporation of India and other persons associated with that Corporation. The petitioner seeks for a Mandamus upon the respondents to cancel, rescind and withdraw the orders contained in the letters Nos. Dev/AN dated the 4th December, 1958. ADM/DEV/15037 dated the 20th June, 1939 and Dev/AG/16481 dated 6/7th July, 1959, directing him in effect to act as Field Officer. These letters are annexed as G, J and K to the petition.2. The letter of the 4th December, 1958, informed the petitioner that his services had been transferred from National Fire & General Insurance Co. Ltd., Calcutta to the Corporation once again and he was placed under City Branch Unit No. 4 as Field Officer with effect from 1-12-58. It also says that he would be paid remuneration on the existing terms till he was categorised on the basis of his performance from 1-12-58 to 30-1...
Tag this Judgment!Court : Supreme Court of India
Decided on : Feb-26-1964
Reported in : AIR1964SC1260; [1964(8)FLR334]; (1964)IILLJ105SC; [1964]6SCR913
Gajendragadkar, C.J.1. The short question which arises in these appeals by special leave is whether section 1(3) of the Employees' State Insurance Act, 1948 (No. 34 of 1948) (hereinafter called the Act) is invalid. By their writ petitions filed before the Patna High Court, the appellants who are the workmen of the three respondent concerns, the Eagle Rolling Mills Ltd., the Kumardhubi Engineering Works Ltd., and Kumardhubi Fire Clay and Silica Works Ltd., respectively, alleged that the impugned section has contravened Art. 14 of the Constitution, and suffers from the vice of excessive delegation, and as such is invalid. These employers were impleaded as respondent No. 1 respectively in the three writ petitions. The High Court has rejected the plea and the writ petitions filed by the appellants have accordingly been dismissed. It is against this decision of the High Court that the appellants have come to this Court and have impleaded the three employers respectively. The three appeals p...
Tag this Judgment!Court : Kerala
Decided on : Mar-04-1964
Reported in : AIR1965Ker66; [1964]54ITR332(Ker)
ORDER1. This is a reference by the Income-tax Appellate Tribunal, Madras Bench, under, Section 27(1) of the Wealth-tax Act, 1957. The reference has been made at the instance of the Commissioner of Income-tax, Ernakulam.2. The Assessee is the Travancore Rayons Limited, Rayonpuram. The year of assessment is-1959-60 and the valuation date for the assessment which has been made under Section 16(3) of the Act is the 31st December, 1958.3. The assessment provided by the Act is on the net wealth of the assessee as on the valuation date. The expression 'net wealth' is defined in clause (m) of section 2 of the Act. The definition is 'net wealth' means the amount by which the aggregate value computed in accordance with the provisions of this Act of all the assets, wherever located, belonging to the assessee on the valuation date' including assets required to be included in his net wealth as on that date under this Act, is in excess of the aggregate value of all the debts owed by the assessee on ...
Tag this Judgment!Court : US Supreme Court
Decided on : Mar-23-1964
Banco Nacional de Cuba v. Sabbatino - 376 U.S. 398 (1964) U.S. Supreme Court Banco Nacional de Cuba v. Sabbatino, 376 U.S. 398 (1964) Banco Nacional de Cuba v. Sabbatino No. 16 Argued October 22-23, 1963 Decided March 23, 1964 376 U.S. 398 CERTIORARI TO THE UNITED STATES COURT OF APPEALS FOR THE SECOND CIRCUIT Syllabus Respondent American commodity broker contracted with a Cuban corporation largely owned by United States residents to buy Cuban sugar. Thereafter, subsequent to the United States Government's reduction of the Cuban sugar quota, the Cuban Government expropriated the corporation's property and rights. To secure consent for shipment of the sugar, the broker, by a new contract, agreed to make payment for the sugar to a Cuban instrumentality which thereafter assigned the bills of lading to petitioner, another Cuban instrumentality, and petitioner instructed its agent in New York to deliver to the broker the bills of lading and sight draft in return for payment. The...
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