Court : Chennai
Reported in : [1977]107ITR483(Mad)
..... : [1966]62itr610(mad) by virtue of the life insurance (emergency provisions) ordinance, 1956, the management of the company in that case which was carrying on life insurance business vested in the central government with effect from 19th january, 1956. ..... by section 3 of the life insurance corporation act, 1956, all assets and liabilities pertaining to the life insurance business stood transferred to the ..... assessee preferred an appeal to the tribunal against the order of the appellate assistant commissioner contending that the compulsory acquisition will not amount to a transfer within the meaning of section 12b of the indian income-tax act, 1922, attracting the liability to capital gains tax, and that since the entire undertaking with all its assets and liabilities as a going concern was taken over, there could be no transfer of capital assets as ..... was also a case of acquisition of an electricity supply undertaking, but at the relevant time when the acquisition was effected, the expression 'transfer' had not been incorporated in section 12b of the indian income-tax act, 1922, with the result that the court had no occasion to go into the question as to whether there was a transfer as a result of the compulsory acquisition of the undertaking. ..... submission for the assesses on this question was that the acquisition was of the entire undertaking as a going concern and that the provisions of section 12b read with section 2(4a) of the indian income-tax act, 1922, would not apply. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1966SC135; [1965]35CompCas755(SC); [1965]3SCR665
..... on january 19, 1956, the life insurance (emergency provisions)ordinance, 1956 (ord. no. ..... 82,000/-to the general department by resolution dated january 6, 1956, was not inaccordance with the provisions of the insurance act and that consequently thatamount continued to form part of the assets of the life insurance business ofthe company upto september 1, 1956 and that as such vested in the corporationwhich could recover it from the company and the directors responsible for the transferof the amount to the general department. 37. ..... wehave already shown how the provisions of the insurance act require the companyto keep a separate account for the life insurance business and to have aseparate fund known as the life insurance fund and to which were to be creditedall receipts due in respect of the life business and the amount deposited bythe insurer in respect of life insurance business. ..... section 15 provides that the corporation may apply for relief tothe tribunal in respect of a transaction which is made by the insurer whosecontrolled business had been transferred to and vested in the corporation underthe act at any time within 5 years before january 19, 1956 and by which thecomposite insurer has transferred any property from his life department to hisgeneral department without consideration or for an inadequate consideration andthe transfer was not reasonably necessary for the purpose of the controlled businessof .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1961Cal285
..... motor car allowance, on the 19th january, 1956 the life insurance (emergency commissions) ordinance, 1956 came into force nationalising life insurance business in india from the 20th january. ..... makes it clear, now on the record, that no regulation has, in fact, been madeunder section 49 of the life insurance corporation act, 1956, regulating the terms and conditions of divisional superintendents who had to be made assistant branch managers such as the appellant.16 ..... of amiya lal dutt, the zonal manager, eastern zone of the life insurance corporation of india at calcutta affirmed on the 6th july, 1960 clearly states that no order affecting officers like the appellant was passed by the central government under section 11(2) of act and therefore the suggestion implicit in the letter of the 27th december, 1956 addressed by the then managing director of the life insurance corporation of india and the statement there to that effect must ..... corporation may with the previous approval of the central government, bynotification in the gazette of india, make regulations not inconsistent with this act and the rules made thereunder to provide for all matters for which provision is expedient to he made for the purpose of giving effect to the provisions of this act and in particular, and without prejudice to the generality of such power, such regulations may inter alia provide for:'(bb) the terms ..... 11 of the act made provisions for transfer of service of existing employees of insurance companies to the .....
Tag this Judgment!Court : Delhi
Reported in : 100(2002)DLT497
..... , in terms of the provisions of the life insurance corporation of india act, 1956 (hereinafter for the sake of brevity as the 'lic act') all the insurance companies, including that of the tropical insurance company, were nationalized. ..... 457, a division bench of the calcutta high court having regard to the provisions of section 6 and section 21 of the life insurance corporation of india act, 1956 held:'12. ..... in our mind that the guidelines in question were neither issued by the central government under section 21 of 1956 act nor did these guidelines relate to any functioning of the corporation under 1956 act or any policy matter involving public interest relating to the business of life insurance as conducted by the corporation. ..... of any property as mentioned in clause (c) of sub-section (2) is relatable to the purpose of carrying on the business of life insurance by the corporation under 1956 act. ..... yet again a notice under section 4 of the said act was issued by the life insurance corporation (in short 'lic') on or about 9th february, 1977 allegingtherein that as the tenant had failed to hand over the possession, he was ..... of the above observations, we must hold that exhibit l(b) was a good and valid notice to quit given by the appellant to the respondent expiring with the end of a month of its tenancy in accordance with the provisions of section 106 read with section 111(h) of the transfer of property act and section 13(l)(j) of the west bengal premises tenancy act, 1956. ..... emergency .....
Tag this Judgment!Court : Kolkata
Reported in : [1978]48CompCas211(Cal),81CWN137
..... cas 193 ; 65 cwn 68 (cal) in which by the life insurance (emergency provisions) ordinance of 1956 the management of the controlled business of the company vested in the ..... 1972, the position of the company altered to some extent in the sense that the shareholders' consent was obtained as required under section 149(2a) of the companies act, 1956, the fact that the said authorities refrained from taking any action in winding up would go to suggest that they were satisfied with the explanation given by the ..... that was a case where the application was made under sections 397, 398, 399 and 402 of the companies act, 1956, for various reliefs claimed therein and one of the points was whether, in the facts and circumstances of the case, the substratum ..... the said loan had been advanced in contravention of sub-section (2a) of section 149 of the companies act, 1956, and, accordingly, the auditors of the company made a qualified report dated february 28, 1973, on ..... the said special resolution under section 149(2a) of the companies act, 1956, which was duly passed by the shareholders enabling the board of directors to the commencement of business of carriers of goods was duly filed with the registrar of companies along with the ..... june 1, 1972, which, inter alia, reads as follows :'the company at present is carrying on the business of 'carriers of goods ' pursuant to the special resolution passed under section 149(2a) of the companies act, 1956, in the annual general meeting held on 13th march, 1972. .....
Tag this Judgment!Court : Chennai
Reported in : (1966)IILLJ669Mad
..... to the enactment of the life insurance corporation act, which came into force on 1 september 1956, an emergency ordinance, followed by an act, had been passed, as a result of which the controlled business of an insurer was taken over by the ..... any other name, who, before the first day of september 1956, was wholly or mainly engaged in the development of new life insurance business for the insurer, by supervising, either directly or through one or more intermediary, the work of persons procuring or soliciting new life insurance business and who were remunerated by a regular monthly salary and who became employees of the corporation under section 11 of the act.but the expression did not includeany person now in the ..... 6 of this appeal petition, it is stated:apart from the question of the validity of the categorization formula evolved by the life insurance corporation of india and the legal aspects involved and without prejudice to the appellant's rights to question the validity thereof, the appellant refutes the inference in the letter under reference ..... may be mentioned that no provision of the life insurance corporation act calls for any such course ..... the provisions of the, act declared that the services of the employees of the companies would be taken over on such terms and conditions as they enjoyed while in the ..... with this contention, for the manager was only giving effect to the provisions of the act. ..... in accordance with the provisions of this order, the petitioner's salary .....
Tag this Judgment!Court : Delhi
Reported in : (1975)ILLJ501Del
..... (respondent 1) was established by the life insurance corporation act, 1956 to carry on the business of life insurance as a monopoly on business principles (section ..... if, however, the regulations framed by such a corporation are to be regarded as 'laws', then the industrial tribunal would not be able to modify them the object of the legislature in including the life insurance and other statutory corporations which carry on trade or business in section 2(a)(i) would be defeated to a large extent if these statutory corporations are enabled to put the conditions of service of their employees beyond the jurisdiction of ..... the reason is that unlike articles 309, 310, 311, 53 and 73 of the constitution, there are no provisions in the act of 1956 or in the rules and regulations framed there under which transform the relationship between the corporation and its employees into status ..... that in practice it may be necessary for the chairman to act in an emergency and to obtain the ratification of his action by the corporation ..... emergency would arise when the meeting of the corporation or of any of its committees cannot take place for some good reason and it is necessary for the chairman to act ..... do so in an emergency as contemplated in regulation ..... nothing to show that the withdrawal of the scheme was, due to any such emergency. ..... chairman to exercise all the powers of the corporation or the committees, regulation 33 authorises the chairman to exercise all the powers of the corporation in emergency. .....
Tag this Judgment!Court : Karnataka
Reported in : ILR1992KAR2836; 1992(3)KarLJ669; (1993)ILLJ709Kant
..... (e) 'existing insurer' means every insurer the management of whose undertaking has vested in the central government under section 3 of the general insurance (emergency provisions) act, 1971 (17 of 1971), and includes the undertaking of the life insurance corporation in so far as it relates to the general insurance business carried on by it; ... ..... (e) 'insurer' means an insurer, as defined in the insurance act, who carried on general insurance business in india, and includes an insurer whose registration under that act has not remained wholly cancelled for a period of six months immediately before the appointed day, but does not include the life insurance corporation of india established under the life insurance corporation act, 1956 (31 of 1956), or any state government which carries on general insurance business. ..... thereafter, only one class of employees would be in the service of the corporation, namely, those appointed subsequent to september 1, 1956, by the corporation in respect of whom the corporation has fixed the age of retirement as fifty-eight years which corresponds to the age of retirement in almost all the public sector establishments, the central government services and ..... the fact that the pay, allowances and other conditions of service have been made the same in respect of both the transferred employees and the employees of the corporation recruited after september 1, 1956 has not brought about the integration of the two classes of employees into one single cadre. .....
Tag this Judgment!Court : Chennai
Reported in : AIR1964Mad24
..... the first step towards nationalisation of the life insurance business in india was taken, up on 19-6-1956, by the promulgation of the life insurance emergency provisions ordinance, 1956. ..... this stale of affairs was changed on the passing of the life insurance corporation act, 1956, which after providing for payment of compensation to the various insurance corporation took over the business of the various insurers and integrated them into the state owned corporation. ..... the consequence of this in all the cases is that the appellants' salaries came to be fixed at a rate lower than what they were obtaining on the date when the life insurance corporation took, over the business of the various insurers, the government acting under powers vested in it under section 11(2) of the act have fixed the salaries and other conditions of service of field officers. ..... , a reduction in the remuneration payable, or a revision of the other terms and conditions of service applicable, to employees of any class of them is called for, the central government may, notwithstanding anything contained in sub-section (1) or in the industrial disputes act, 1947, or in any other law for the time being in force, or in any award, settlement or agreement for the time being in force, alter (whether by way of reduction or otherwise) the remuneration and the other terms and .....
Tag this Judgment!Court : Kolkata
Reported in : [1980]121ITR727(Cal)
..... under thelife insurance (emergency provisions) ordinance, 1956, all life insurance business vested in the central government on the 19th january, 1956, pending nationalisation ..... lays down the principles for determination of compensation under section 16 of the life insurance act and, inter alia, provides as follows:'the compensation to be given by the corporation to an insurer having a share capital on which dividend or bonus is payable, who has allocated as bonus to policy-holders the whole or any part of the surplus as disclosed in the abstracts prepared in accordance with part ii of the fourth schedule to the insurance act in respect of the last actuarial investigation relating to his controlled business as at ..... the tribunal held that as under section 7 of the life insurance corporation act all assets and liabilities appertaining to life insurance business transferred and vested in the life insurance corporation, and as compensation was payable in respect of such assets and liabilities, therefore, for computation of capital gains such assets had to ..... the contention of the revenue that the market value of the business as on the 1st january, 1954, should be determined on the basis or formula provided in the first schedule of the life insurance corporation act was found by the tribunal to be based on a circular of the central board of revenue dated the 1st july, 1960, where it was suggested that in a case where the assessee had no other evidence of valuation the basis or method .....
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