Court : Kerala
Decided on : Mar-09-1979
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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