https://www.taxtmi.com/caselaws?id=181471 A statutory exception for an insurer whose business is being voluntarily wound up was construed by the majority in a broad, business-oriented sense, extending beyond technical winding up under company law; on that basis, the exception applied to the company and the takeover provisions did not. The majority also upheld the classification based on the period of registration cancellation, finding a rational nexus with protection of policyholders, so the Article 14 challenge failed. Shareholders and directors were held to have locus standi. Dwivedi J. dissented, taking a technical company-law view of "wound up" and denying the exemption. 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 A statutory exception for an insurer whose business is being voluntarily wound up was construed by the majority in a broad, business-oriented sense, extending beyond technical winding up under company law; on that basis, the exception applied to the company and the takeover provisions did not. The majority also upheld the classification based on the period of registration cancellation, finding a rational nexus with protection of policyholders, so the Article 14 challenge failed. Shareholders and directors were held to have locus standi. Dwivedi J. dissented, taking a technical company-law view of "wound up" and denying the exemption. Case-Laws Indian Laws Fri, 10 Nov 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181471