https://www.taxtmi.com/caselaws?id=97903 A transfer of life insurance business sanctioned under the Insurance Act, 1938 was treated as valid where the transaction fell within the company's objects, the directors' initial agreement was later ratified by shareholders, and the arrangement did not amount to an alteration of the memorandum, winding up, or reduction of share capital under the Companies Act, 1913. The agent's commission rights were not extinguished by the transfer, and no violation of Article 14 arose because the statutory scheme applied generally and policyholders were heard. Compliance with Sections 35 and 36 was also upheld where notice had been given and the scheme was later modified under an authorised mechanism before final sanction. en-us Wed, 13 Dec 1961 00:00:00 +0530 Thu, 15 Mar 2018 14:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97903 A transfer of life insurance business sanctioned under the Insurance Act, 1938 was treated as valid where the transaction fell within the company's objects, the directors' initial agreement was later ratified by shareholders, and the arrangement did not amount to an alteration of the memorandum, winding up, or reduction of share capital under the Companies Act, 1913. The agent's commission rights were not extinguished by the transfer, and no violation of Article 14 arose because the statutory scheme applied generally and policyholders were heard. Compliance with Sections 35 and 36 was also upheld where notice had been given and the scheme was later modified under an authorised mechanism before final sanction. Case-Laws Companies Law Wed, 13 Dec 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97903