https://www.taxtmi.com/caselaws?id=181471 Section 15(a) of the General Insurance (Emergency Provisions) Act, 1971 was construed by the majority to cover a genuine voluntary closure of insurance business, not only formal winding up under company law. Cessation of underwriting, cancellation of policies, return of registration and steps to discontinue insurance activity brought the insurer within the exception, excluding it from takeover provisions. The classification based on whether registration had remained cancelled for six months was treated as having an intelligible distinction and rational nexus with protecting policyholders; the Article 14 challenge failed. Shareholders and directors had standing where State action affected both company and shareholder rights. Dwivedi J. dissented, treating "wound up" as a technical company-law expression. The petition was ultimately dismissed. en-us Fri, 10 Nov 1972 00:00:00 +0530 Mon, 18 Apr 2016 14:32:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181471 Section 15(a) of the General Insurance (Emergency Provisions) Act, 1971 was construed by the majority to cover a genuine voluntary closure of insurance business, not only formal winding up under company law. Cessation of underwriting, cancellation of policies, return of registration and steps to discontinue insurance activity brought the insurer within the exception, excluding it from takeover provisions. The classification based on whether registration had remained cancelled for six months was treated as having an intelligible distinction and rational nexus with protecting policyholders; the Article 14 challenge failed. Shareholders and directors had standing where State action affected both company and shareholder rights. Dwivedi J. dissented, treating "wound up" as a technical company-law expression. The petition was ultimately dismissed. Case-Laws Indian Laws Fri, 10 Nov 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181471