Court : Kerala
Reported in : [1972]84ITR30(Ker)
..... ),-- rates of super-tax on the whole of the total income 55% provided that--...(ii) a rebate ....; and at the rate of 30 per cent. on the balance of the total income shall be allowed in the case of acompany which satisfies condition (a) of the preceding clause and which is such a company as is referred to in section 108 of the income-tax act with ..... act, 1961 (43 of 1961) (hereinafter referred to as 'the income-tax act'), be charged at the rates specified in part ii of the first schedule, and, in the cases to which paragraphs a, b and c of that part apply, shall be increased by a surcharge for purposes of the union calculated in the manner provided therein.' the relevant provisions relating to rates of super-tax applicable to the assessee before us are contained in paragraph d of part ii of the first schedule to the finance act. we shall extract them.' paragraph d in the case of every company, other than the life insurance corporation of india established under the life insurance corporation act, 1956 (31 of 1956 .....
Tag this Judgment!Court : Kerala
..... claim of the life insurance corporation against a former insurer which had been ordered to be wound up by the company court. this case was w.a. nos.2516 of 2009, 764 of 2010 & 184 of 2010 -:99. :- followed in giving to the provisions of the recovery of debts due to banks and financial institutions act 1993 (rdb act) overriding effect over the provisions of the companies act, 1956. the rdb act constitutes a tribunal and by ss.17 and 18 confers upon the tribunal exclusive jurisdiction to entertain and decide applications from the banks ..... be those which are capable of being subject of litigation. such a qualified definition of the term 'dispute', as we will shortly demonstrate, was intentional.103. the judgment in balachandran (supra) was rendered by the full bench in the context of the unamended section 69 of the 1969 act. section 69, as interpreted in balachandran w.a. nos.2516 of 2009, 764 of 2010 & 184 of 2010 -:150. :- (supra), to the extent it is relevant, provided that notwithstanding anything contained in any law for the time being in force, if a dispute ..... in the said area and all grants of profits a prendre including the right to enter upon the land, fell, cut and remove the specified forest produce from the w.a. nos.2516 of 2009, 764 of 2010 & 184 of 2010 -:43. :- said area, shall stand rescinded, whether such forest produce is grown or found on land owned by private persons or on land owned by the state government or in government forests provided that rescission of such .....
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..... act has no application to the present case as the acquisition of land is not for a "company" as defined in section 3(e) of the act." 19. as against this, learned advocate general brought to our notice the definition of the expressions 'corporation and company' as defined under land acquisition (amendment) act, 1984. as per section 3(cc) "corporation owned or controlled by the state" means any body corporate established by or under a central, provincial or state act and includes a government company as defined in section 617 of the companies act, 1956 or a society registered under the societies registration act ..... company'. it is a 'public company'. the government have shares in it. the kerala state industrial development corporation limited and the life insurance corporation of india are also share-holders of the company. for such companies acquisition under the act can be resorted to for any of the purposes mentioned in s.40(1) of the act. the proposed acquisition is needed to put up some buildings and other work for the company which is engaged in ..... date of handing over the same to the petitioner company. the stand of the state is that petitioner w.a.nos.48 of 2013 & - 8 - 309 of 2013 company is also governed by sections 39 to 43 of the l.a.act and the agreement is valid and enforceable. the agreement is executed not for the purpose of either state government or central government. therefore, the agreement between the petitioner company and the government is perfectly in order. the .....
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Reported in : AIR2010Ker80,2009(4)KLT833
..... life insurance corporation of india established under section 3 of the life insurance corporation act, 1956 (central act 31 of 1956); or(bb) the industrial credit and investment corporation of india limited incorporated under the indian companies act, 1913 (7 of 1913);(c) the industrial finance corporation established under section 3 of the industrial finance corporation act, 1948 (central act 15 of 1948); or(d) x x x x(e) the state financial corporation established under section 3 of the state financial corporation act, 1951 (central act ..... person' would obviously take in not only natural persons, but artificial persons like companies, statutory corporations, societies etc. further, the appellants have no case that the general clauses act has no application to the money lenders act and, therefore, the definition of 'person' contained in the general clauses act is rightly found applicable for the purpose of this act by the learned single judge. we, therefore, reject the contention of the appellants/petitioners that they do not answer ..... are provided. we have to consider this contention with reference to the constitutional powers of the state legislature and that of the parliament. while the r.b.i. act is enacted under entry 38 of list i of the viith schedule, the indian companies act is enacted under entry 43 of list i of the viith schedule to the constitution of india. in fact, it is worthwhile to note that even banking is an exclusive subject in the domain of the parliament .....
Tag this Judgment!Court : Kerala
Reported in : [2003]114CompCas777(Ker); [2003]45SCL170(Ker)
..... a representative of the life insurance. corporation of india as well which is an 18 per cent. shareholder of the company. the company also pointed out it has no intention whatsoever to sell any property of the company without obtaining prior approval of the debt recovery tribunal. if the petitioner, a solitary shareholder, has any grievance he has to move the company law board under sections 397 and 398 of the companies act, 1956, after getting sufficient majority as provided in the companies act. the annual general ..... or without modification the following resolution as an ordinary resolution. this resolution will be considered for passing by postal ballot method. please refer to note (1) herein below : 'resolved that, pursuant to section 293(1) and other applicable provisions of the companies act, 1956, the consent of the members of the company be and is hereby accorded, subject to applicable permissions, approvals, consents, if any, required of any other authorities, to the board of directors for sale, lease or dispose otherwise from time to time any part (including substantially the whole ..... every action taken by the board of directors it would lead to endless litigation and pin down the company within the four walls of a company court. the company court should shut its doors to them and deny entry.43. a division bench of our high court in r. r. rajendra menon (no. 2) v. cochin stock exchange ltd. [1990] 69 comp cas 256 held that the company court cannot exercise jurisdiction .....
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Reported in : (1991)IILLJ226Ker
Radhakrishna Menon, J.1. Life Insurance Corporation of India, for short the Corporation, is the petitioner.2. Ext.P1 order of the first respondent is under challenge. Gist of this order given in Ext. P2 reads:-'It is hereby informed that orders have been passed in the above case. As per the order, the respondent is directed to reinstate the appellant in service with backwages of Rs. 29,552/- (Rupees twenty nine thousand five hundred and fifty two) for the period from 2-9-87 to the date of this order. In the event of failure to comply with the above directions, the appellant will be paid a lumpsum compensation of Rs. 35,000/- (Rupees thirty five thousand only). The above directions shall be complied with by the respondent within 30 days of receipt of the gist of this order, failing which steps will be taken to recover the same under Revenue Recovery Act, with 9% compound interest during the period of default'.Facts relevant and requisite to dispose of the dispute lie in a narrow compass...
Tag this Judgment!Court : Kerala
Reported in : (1979)IILLJ1Ker
Viswanatha Iyer, J.1. The petitioner entered the service of the Cochin Divisional office of the General Assurance Society Ltd., as a field officer with effect from 1.10.1969. One of the terms of appointment was that she should guarantee a minimum business of Rs. 35,000 in Fire, Motor, Marine and Miscellaneous Insurance and a minimum premium income of Rs. 3,000 per mensem. As part of her duty she has to organise an effective agency force and work in consonance with the provisions of the Insurance Act and the Rules. She was on probation for six months and during that period her appointment was terminable without any notice. She completed her probation successfully and her service was regularised in due course. While so in September, 1972 the General Insurance Business (Nationalisation) Act, Act 57 of 1972 was passed by the Parliament. By this Act the shares in the capital of every Indian Insurance Company was statutorily transferred to and vested in the Central Government. The Central Go...
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Reported in : 1961CriLJ98
P.T. Raman Nayar, J.1. The three accused persons in S. C. 22 of 1959 on the file of the Court of Session, Trichur, appeal against their conviction for offences of conspiracy to cheat, cheating, and forgery. Criminal Appeal 348 of 1959 is the appeal by the 1st accused, Criminal Appeal 339 of 1959 that by the 2nd accused and Criminal Appeal 344 of 1959 that by the 3rd accused.2. The 1st accused is a homoeopathic practitioner living in Trichur and running a dispensary at a place called Mannuthi about four miles from Trichur. The 2nd accused, it is said, was his compounder while the 3rd accused was an agent of the Lakshmi Insurance Company and later, after lite insurance was nationalised, of the Life Insurance Corporation doing business in the Trichur area.In 1956 there was a man by the name of Gopalan Nair but called Kochubala Menon and hereinafter referred to as Gopalan Nair who was living in the 1st accused's dispensary as his dependant and was generally assisting the 1st accused. This ...
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Shaffique, J. 1. This appeal is filed against judgment dated 09/10/2015 in WP(C) No.2772 of 2014 by which the learned Single Judge allowed the writ petition filed by the respondent herein and directed respondents 1 and 2 to transmit Ext.P4 review petition before the competent authorities in terms of Regulation 48 of the Life Insurance Corporation of India (Staff) Regulations, 1960 (hereinafter referred to as 'the Regulations'), so as to to enable the said authority to take an appropriate decision on the said review petition, in accordance with law. 2. The short facts involved in the writ petition would disclose that the respondent herein, who is hereinafter referred to as the petitioner, retired from service of Life Insurance Corporation of India (LIC) on 31/05/2013. He was placed under suspension with effect from 16/11/1993 as he was involved in a criminal case on allegations of commission of offence under Section 120B read with 302 of IPC. He was acquitted from the charges and accord...
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Shaffique, J. 1. This writ petition has been referred to this Court by the learned Single Judge as per reference order dated 21/1/2016. Petitioner in the writ petition claimed to have a deemed licence for conducting quarrying operations in a property for which he was having quarrying lease. According to the petitioner, though he submitted an application for renewal of licence for conducting the quarry, the application was not disposed of within a period of thirty days as provided under Section 236(3) of the Kerala Panchayat Raj Act, 1994 (hereinafter referred to as the Act) and therefore, he was entitled for deemed licence. However, the Panchayat after the prescribed period of thirty days issued a communication to the petitioner rejecting his application for renewal of licence. According to the petitioner, the Panchayat had no jurisdiction to reject the application for renewal on account of the fact that the renewal application is deemed to have been allowed for the usual period of ren...
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