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 : 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 : Punjab and Haryana
Decided on : May-01-1964
Reported in : [1966]36CompCas105(P& H)
ORDER OF DIVISION BENCH 1. Three persons--Tirath Ram, Mulk Raj and Barkat Ram--were doing business as the partners of a firm called Tirath Ram and Sons, and the business was carried on in what is now a part of Pakistan. At the time of the partition and because of it they came away to India. Before the partition, however, and while still in Pakistan they had taken a loan fr6m the Central Bank of India Limited and pledged with that bank certain goods, being cotton and cotton seeds. Those goods had been insured with the Free India General Insurance Company Limited for a sum of Rs. 27,000 against fire as well as not and the loan taken from the bank was also Rs. 27,000. The goods in question were during the disturbances in Pakistan looted by some rioters. After coming to India and, in fact, after the enactment of the Displaced Persons (Debts Adjustment) Act, 1951, an application was filed on behalf of the firm, Tirath Ram and Sons, under Section 18 of that Act and the application was for th...
Tag this Judgment!Court : Punjab and Haryana
Decided on : Sep-11-1964
Reported in : AIR1965P& H401
H.R. Khanna, J.1. In the present and seven connected petitions Nos. 1089, 1090, 1091, 1092, 1093, 1114 and 1115 of 1962 under Article 226 of the Constitutions of India the Division Bench, consisting of Mehar Singh J. and myself, referred the following two questions for decision obey a larger Bench:'(1) Whether the order of the Punjab Government dated 29th September 1961 bifurcating the P. E. S. (Class II) into school and Collage Cadres is violative in whole or in part of the principle of preserving inter seniority embodied in rule 16 of the Punjab Services Integration Rule 1957? (2) Are the promotions to P. E. S. (Class I), in the wake of the aforesaid bifurcation of the respondents who were originally junior to the petitioners in the joint P. E. S. (Class II) list in preference to the petitioners on the sole ground of the nature of the said Rule and Article 16 of the Constitution. (2) The petitioners filed these petitions on the allegations that there were two classes of gazetted offi...
Tag this Judgment!Court : Mumbai
Decided on : Nov-10-1964
Reported in : AIR1965Bom263; (1965)67BOMLR202; ILR1965Bom512
Patel, J.(1) This appeal is brought by the Life Insurance Corporation of India who will be referred to as the Corporation against the judgment of the chief Judge of the small Causes Court, Bombay in a Valuation matter under the Bombay Municipal Corporation Act of 1888. Before the learned Judge there were several appellants and the questions that arose were common. The Corporation owns the Indian Globe Chambers at the junction of Hornby Road and Mangesh Shenoy street. It is occupied by the tenants of the Corporation. The rateable value for the years 1957-58 and 1958-59 was fixed by the Municipal Corporation at Rs.1,66,410/- In 1958 from the 1st April, an additional tax known as educational cess came to be imposed at 1 1/2 percent on the annual letting value. For the year 1959, therefore, an notice was sent to the Corporation of an increase in the rateable value from 1,66,410/- to Rs.1,68,585/-, This included the amount of permitted increase under the Rent Act which could be transferred ...
Tag this Judgment!Court : Supreme Court of India
Decided on : Dec-14-1964
Reported in : AIR1965SC1107; [1965]2SCR477
CIVIL APPELLATE JURISDICTION: Civil Appeal No. 26 of 1961. Appeal from the judgment and order dated July 26, 1961 of the Calcutta High Court in Appeal from original Order No. 67 of 1959. G. S. Pathak, A. N. Sinha and P. K. Mukherjee for the appellants. Niren De, Additional Solicitor-general N.C chatterjee S.Ghosh, J. B. Dadachanji and O. C. Mathur for the respondent. D. N. Mukherjee, for the intervener No. 1. Naunit Lal, for the intervener No. 2. The Judgment of SARKAR, RAGHUBAR DAYAL and MUDHOLKAR JJ. was delivered by SARKAR J. The dessenting Opinion of SUBBA RAO and AYYANGAR JJ. was delivered by AYYANGAR J. Sarkar J. The appellant Corporation was constituted by the Calcutta Municipal Act, 1951, an Act passed by the Legislature of the State of West Bengal. The Act was intended to consolidate and amend the law relating to the Municipal affairs of Calcutta and it defined the duties, powers and functions of the Corporation in whose charge those affairs were placed. The respondent is a fi...
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 : Kolkata
Decided on : Sep-22-1964
Reported in : [1965]35CompCas187(Cal),69CWN137
..... agency of the company came to an end by reason of the requirement of the companies act, 1956.4. it is alleged that the applicant no. 1 had great faith and confidence in the respondent no. 2 who was entrusted with the management of all the different companies mentioned above. in january, 1956, life insurance business was nationalised and the life business of metropolitan insurance co. ltd. was taken over by the life insurance corporation of india. it is alleged that in april, 1957, a sum of rs. 10,21,107 was received by way of compensation for acquisition of the life business of the said insurance companies.5. some time in october, 1958, the respondent no ..... their consent should have the petition before them, and, for that purpose, the petition should be prepared well in advance of the consent in writing given by the members.34. it is true that forms nos. 43 and 44 in appendix iv of the act, which are forms prescribed for petitions under section 397 and section 398 of the act, required a schedule to be appended to the petition. it is also true that the applicants have not given the particulars in a schedule to the petition as required. but it is also equally true that all the particulars, which are intended to be furnished in the shape of a schedule to the petition, are to be found .....
Tag this Judgment!Court : Kolkata
Decided on : Apr-17-1964
Reported in : AIR1965Cal294,69CWN57
ORDERD.N. Sinha, J. 1. The facts in this case are shortly as follows: 'The Insurance Association of India' is a body corporate which has been brought into existence by virtue of Section 64A of the Insurance Act, 1938 (Central Act IV of 1938) as amended by Act 47 of 1950 (hereinafter referred to as the 'Act'). Under that provision, all insurers carrying on insurance business in India at the commencement of the amending Act, 1950, all Insurers who may after such commencement begin to carry on insurance business in India and, if the Central Government, by notification in the Official Gazette, so declares, all provident societies carrying on insurance business in India, have been constituted a body corporate by the name of the Insurance Association of India', (hereinafter referred to as the 'Association') having perpetual succession and a common seal. Under Section 64C of the said Act, there shall be two Councils of the Insurance Association of India, namely, (a) 'the Life Insurance Counci...
Tag this Judgment!Court : Kolkata
Decided on : May-15-1964
Reported in : AIR1965Cal16
..... application under section 17 of the companies act 1956, for confirmation of the alterations of the memorandum of association of the applicant company in terms of the special resolution passed at on extraordinary general meeting of the company on july 12, 1963.2. the company was incorporated in 1943 under the indian companies act, 1913. the objects of the company, inter alia, were as follows:to carry on all kinds of insurance, guarantee and indemnity business. the insurance business was to include life assurance, fire insurance, marine and aerial insurance, transit insurance, accident insurance and other varieties of insurance ..... he argued that so far as insurance business was concerned, it was no fault of the company, that it had lost that business. life business was lost by operation of law as it was taken over by the life insurance corporation of india. in general insurance business also the company was meeting formidable opposition from the life insurance corporation of india and secondly the scope for business in the private sector, in this field was also fast shrinking. he argued that the loss of insurance, business however, did not put ..... ,47,989.55.7. the profit, and loss account upto december 31, 1962, shows that the gross amount earned from interest and dividend was rs. 1,43,255/-.8. mr. sankar ghose, appearing for the petitioner, contended that having regard to the facts as stated in the petition this court should make an order confirming the alterations. he argued that .....
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