Court : Mumbai
Reported in : [1980]50CompCas335(Bom)
..... company as compensation under section 8 read with section 7 of the life insurance (emergency provision) act, 1956, was a capital receipt not liable to be included in its ..... by the life insurance (emergency provisions) act, which act came into operation on 21st march, 1956; this act will hereinafter be referred to as 'the said act', for the ..... 1956, the government of india promulgated an ordinance called the life insurance (emergency provisions) ordinance, 1956 ..... be decided by keeping before oneself not only the provisions of the said act but the said act as well as the life insurance corporation act, 1956 (hereinafter referred to as the nationalisation act for the sake of brevity), which came into effect on 1st september, 1956, which completed the process of nationalisation. ..... life insurance business of the various insurers immediately before 19th january, 1956, were to remain in charge of that business but for and on behalf of the central government and life insurance business was to be carried on by such persons in accordance with the directions of the central government and subject to the provisions of the said act ..... the facts and in the circumstances of the case, the tribunal was justified in holding that the basis adopted by the life insurance corporation act for paying the compensation in 1956 need not be the basis for determining the market value of the life insurance business of the company as on january 1, 1954, for the purpose of considering the capital gain on acquisition of .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : AIR1962AP63
..... a reference to the provisions of the life insurance(emergency provisions) act, 1956 would establish that no such power was given either to the central government or the custodian in whom thelife insurance business provisionally vested. ..... this was sought to be got over by the decree-holder by relying on the provision of the life insurance (emergency provisions) act, 1956 (ix of 1956). ..... 11 of the life insurance (emergency provisions) act, 1956 saved the suit from the bar of limatation. ..... it is entitled 'the life insurance(emergency provisions) act, 1956. ..... the life insurance (emergency provisions) ordinance, 1956, was passed on 11-1-1956 and the act came into force on 21-3-1956 and the first execution petition was dismissed in september 1954. ..... 11 of that act which is in these words:'in computing the period of limitation prescibed by any law for the time being in force for any suit or application against any person by an insurer in respect of any matter arising out of his controlled business, the time during which the life insurance (emergency provisions) ordinance, 1956 and the act have been in force shall be excluded. ..... '(9) it is clear that the time for computing the period of limitation was to be excluded so long as the life insurance (emergency provision) ordinance, 1956 and the act ix of 1956 had life. ..... (8) it is immediately plain that act ix of 1956 was to be in operation only till nationalisaion of life insurance business was effected. .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1962Cal625,66CWN774
..... 1, inter alia, is that by virtue of the provisions of the life insurance (emergency provisions) ordinance 1956 and the life insurance (emergency provisions)act, 1956, on and from the appointed date that is the 19th january, 1956 the management of the controlled business of insurers including the defendant no. ..... when this suit was instituted the life insurance (emergency provisions) act, 1956, had come into force. ..... 3 in view of the provisions of the life insurance (emergency provisions) act, 1956.10. ..... the management of the company was taken over by me central government on me 19th january, 1956 when the life insurance (emergency provisions) ordinance, 1106 came into force which was followed on the 21st march, 1956 by act, 9 of 1956. ..... by the life insurance (emergency provisions) ordinance no. ..... his lordship came to the conclusion that under the provisions of act, 9 of 1956 the insurance company as such did not vest in the central government. ..... has analysed the provisions of the ordinance, of act 9 of 1956 and the life insurance corporation act of 1956. ..... great powers have been given under the provisions of the life insurance corporation act to the central government to regulate the constitution and the powers of the corporation and even it may be assumed that the central government created this corporation to carry on certain business activity, but that does not .....
Tag this Judgment!Court : Kolkata
Reported in : [1978]113ITR37(Cal)
..... 1956, to 31st august, 1956, a custodian was in the management, of the said life insurance business under the provisions of the ordinance and the corresponding section of the life insurance (emergency provisions) act, 1956 (hereinafter stated as ' the act ..... referred the following question of law for the opinion of this court:' whether, on the facts and in the circumstances of the case and on a proper construction of the relevant provisions of the life insurance (emergency provisions) act, 1956, the tribunal was right in holding that the sum of rs. ..... as suggested by the learned counsel for both the parties, as follows :' whether, on the facts and in the circumstances of the case and on a proper construction of the relevant provisions of the life insurance (emergency provisions) act, 1956, the tribunal was right in holding that rs. ..... 19, 1956, the management of its life insurance business vested in the central government under the provisions of the life insurance (emergency provisions) ordinance, 1956 ( ..... in respect of acquisition of any asset belonging to the assessee ; foregoing submissions are borne out by the law, namely, that the assets pertaining to the life insurance business have vested in the life insurance corporation under the provisions of the life insurance corporation act, 1956, which provides for payment of compensation for deprivation of assets ; there is a distinction between the deprivation of a property and its user and the compensation payable for deprivation of .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1996Cal140
..... 1: it has been submitted on behalf of the defendant that this court has no jurisdiction to adjudicate upon the questions involved in the suit in view of the provisions of the life insurance (emergency provisions) act, 1956, read with section 41 of the life insurance corporation act, 1956 and rule 12-a framed thereunder. 13. ..... the life insurance (emergency provisions) act, 1956 contemplates taking over of all insurance business, declared as controlled business, by the central govt. ..... 1956, that means, after promulgation of the emergency provisions act, but the union of india was not impleaded. ..... by virtue of the provisions of the life insurance corporation act, 1956, all the assets and liabilities of the said society have vested in the life insurance corporation of india who has since been substituted as the defendant. ..... section 17 of the life insurance corporation act, 1956 deals with constitution of tribunals by the central govt. ..... under section 41 of the life insurance corporation act, no civil court has jurisdiction to entertain or adjudicate upon any matter which a tribunal is empowered to decide or determine under the act.14. ..... by an additional written statement filed after substitution (sic) the life insurance corporation of india has denied the plaintiffs' case in toto.12. ..... and later on of the life insurance corporation of india. ..... life insurance corporation of india, reported in 1978 lab ic noc 34 (cal) (whole text of the judgment has been made available), mrs. .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1996Cal417
..... 1: it has been submitted on behalf of the defendant that this court has no jurisdiction to adjudicate upon the questions involved in the suit in view of the provisions of the life insurance (emergency provisions) act, 1956, read with section 41 of the life insurance corporation act, 1956 and rule 12-aframed thereunder.12. ..... the life insurance (emergency provisions) act, 1956 contemplates taking over of all insurance business, declared as controlled business, by the central govt ..... with effect from 19th day of january, 1956, the plaintiff was filed on 24th day on, january, 1956, that means, after promulga-, mation of the emergency provisions act, but the union of india was not impleaded ..... by virtue of the provisions of the life insurance corporation act, 1956 (act no. ..... with effect from 1st january, 1940 free of income-tax, subject to an undertaking given by him that he shall not work directly or indirectly without the previous permission in writing of the board for any other life insurance company; (b) that in the eventuality of the said sri nalini ranjan sarkar's death before 1st january, 1955 an allowance shall be paid to his dependents in the following manner: (i) a sum of rs. ..... section 17 of the life insurance corporation act, 1956 deals with constitution of tribunals by the central govt ..... section 41 of the life insurance corporation act, no civil court has jurisdiction to entertain or adjudicate upon any matter which a tribunal is empowered to decide or determine under the act.13. .....
Tag this Judgment!Court : Allahabad
Reported in : 2005(2)AWC1156; 2005(2)ESC834; (2005)1UPLBEC920
..... with the 'aim and object' of nationalizing life insurance business, as a social measure in our welfare state and for the benefit of society at large life insurance (emergency provisions) act, 1956 (act no. ..... crown life insurance company, while noticing various provisions positively life insurance fund of insurance company and lic act, observed :'the working of life insurance company is in some of respects different from that of ordinary companies.'24. ..... only if one looks to the statutory provisions-viz lic of india act, 1956 and insurance act, 1938.25. ..... in that view of the matter we do find a clear distinction between insurance company (carrying on business under insurance act, 1958) vis-a-vis the life insurance corporation carrying business of life insurance under life insurance corporation of india act, 1956. ..... it is also evident from the perusal of various sections of the said life insurance corporation act, 1956 (particularly sections 2, 3, 5 and 6 of the said act) chapter v, consisting of sections 18 to 23, deals with management of the said corporation. ..... life insurance corporation act, 1956 which has exclusive authority to carry on business of 'life insurance' only and which is clearly distinguishable and in contrast to the general 'insurance' under insurance act, 1938 carried on by private entities 'natural' or 'judicial' like registered partnership firms or private companies.15. .....
Tag this Judgment!Court : Kolkata
Reported in : 2004(1)CHN170
..... under the provisions of the life insurance (emergency provisions) act, 1956 the management of ruby general insurance company ltd. ..... both the suits were filed on 3rd august, 1973 against the life insurance corporation of india prayer for a decree for recovery of money due on two separate policies of insurance issued by ruby general insurance company, along with interest and other reliefs.2. ..... was vested with the life insurance corporation of india (in short lici) with effect from 20th january, 1956. ..... sen appearing on behalf of the lici, however, contended that the decision in life insurance corporation of india v. ..... before entering into the merits of these two cases it is to be mentioned that the learned counsel appearing for the both plaintiffs placed reliance on the apex court judgment in life insurance corporation of india v. ..... the said judgment of the apex court has been reported in : air1999sc2346 (life insurance corporation of india v. ..... in terms of the provision of clause 4 of the loan bond it is incumbent upon the lici to ask the party to make repayment of the advance with interest on the basis of three months' ..... the defendants shall be at liberty to act in accordance with the decree in both these ..... plaint case in both the suits in brief is that policies for life were taken by smt. b. d. ..... entering into details i deem it fit and proper to indicate that the following facts are admitted:--1) whole life policy no. ..... of 1983 (filed by raj kumar rajgarhia) praying for pendente life interest. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1967]37CompCas331(P& H)
..... above resolution, as given by the petitioner, is that in the year 1956 the life insurance business of the company was taken over by the central government under the provisions of the life insurance (emergency provisions) act, 1956, and thereafter the company carried on general insurance, investment, financing and other business. ..... this petition under section 17 of the companies act (1 of 1956) has been filed on behalf of the new asiatic insurance company limited (hereinafter called the 'company') for confirmation of the alterations of the memorandum ..... opinion the applicant's investment cannot be regarded as investments made pursuant to the provisions of the insurance act. ..... sub-sections (1) and (2) of that section read as under :'(1) a company may, by special resolution, alter the provisions of its memorandum so as to change the place of its registered office from one state to another, or with respect to the objects of the company so far as may be required to enable it- (a) to carry on its business more economically or ..... company ceased to accept any fresh insurance business with effect from 1st january, 1961, and, consequently, the company's registration under the insurance act, 1938, was cancelled with effect ..... in the aforesaid case a company, which was previously carrying on insurance business, passed a special resolution to carry on the business as manufacturers of and dealers in chemicals, petro-chemicals, ..... with the reserve bank of india under the insurance act have been refunded. .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1961Cal443,65CWN69
..... (4) the special officer is directed thereafterto make a valuation of the shares in the followingmanner: (a) ascertain the total sum available in respect of the compensation money paid by the life insurance corporation to the company including the said sum paid as compensation for vesting the management under the life insurance (emergency provisions) act, 1956. ..... on 21st march, 1956 the life insurance (emergency provisions) act of 1956 was passed. 16. ..... it was further contended that having regard to the provisions of the life insurance (emergency provisions) ordinance, 1956 and life insurance emergency act (ix of 1956) the powers of the directors with reference to the preparation, signing and placing of the balance-sheet before the general meeting ceased and still remain in that position because the balance-sheet relates to the ..... it is now contended on behalf of the respondents that 'as the entire management of the controlled business had vested in the central government on 19th january, 1958 by virtue of the life insurance (emergency provisions) ordinance, 1956, the insurer was divested of its rights of management under provisions of both the said ordinance and the life insurance emergency act of 1956. ..... on 19 january, 1956 life insurance (emergency provisions) ordinance of 1950 came into force and since its promulgation it is admitted that the directors appointed by the policy holders and the government became functus officio. 12. .....
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