87,03,650 1951 53 according to the Company based on the abstracts with the aforesaid additions.
56,36,815 1946 50 and Rs.
551160 and the respondent in C A. No.
20 2,81,841 4,35,182 x 1/2 x 1.389708,57 3 years 2 years Rs.
4,08,456 1946 50 and Rs.
This Corporation is the well known Life Insurance Corporation.
C. Setalvad, Attorney General for India, V. Viswanatha Sastri, S. N. Andley, Rameeshwar Nath and L. Vohra, for the appllant in C. A. No.
The Life Insurance Corporation Act was passed in 1956 to nationalise the life insurance business of all insurers by transfer ring all such business to a Corporation established for the purpose.
39,85,812 FORMULA C based on annual average calculated as suggested by a the Company of the two sums allocated as suggested by the Corporation .
552/60 .
Appeals by special leave from the Judgment and order dated December 12, 1957, of the Life Insurance Tribunal, Nagpur in Case No.
One valuation period companyered five calender years 1946 1950 and the other three calender years 1951 1953.
The Company on the other has four alternative modes of calculation.
Two such modes are based on the basis of allocation to 3 and 2 years as stated by the companypany and two on the basis of the allocation to 5 and 3 years as stated by the Corporation.
The Corporation adds the two surpluses deemed to be allocated to the share holders and divides the result by eight years, that is to say, the sum total of the two investigation periods of five and three years.
Under the Act a distinction was made between companytrolled business and other insurance business carried on by Insurance Companies.
27,99,276 FORMULA D based on annual average calculated as suggested by the Corporation of the two sums allocated as suggested by the Corporation .
Controlled business meant life insurance business from a date to be fixed by numberification in Gazette called the appointed day all the and on and the Official assets and liabilities of appertaining to the companytrolled business of all insurers were transferred to and vested in the Corporation.
In the two investigation periods the total surplus was respectively Rs.
20 12,81,841 4,35,182 x 1.38970857 years years Rs.
552160 and the respondent in C. A. No.
T. Desai, S. J. Banaji and K. L. Hathi for the appellant in C. A. No.
81.841 20 35,182 x 1.38970857 5 years 3 years Rs.
The surplus allocated to the shareholders was Rs.
Both sides claim to calculate the average on different principles.
551/60 .
551 and 552 of 1960.
This companytroversy need number be decided because the Corporation did number press its appeal before us and the basic figures are thus Rs.
In addition the Company claimed interest at six per cent.
A request for reconsideration of the matter made by the National Insurance Company by a letter dated May 9, 1957, in which a sum of Rs.
87,03,650 1951 53 .
This date was September 1, 1956.
CIVIL APPELLATE.JURISDICTION Civil Appeals Nos.
27,99,275 was claimed as companypensation was turned down by the Life Insurance Corporation and,the dispute therefore stood referred to the Tribunal.
These calculations lead to the following different results FORMULA A based on annual average calculated as suggested by the Company of the two sums allocated as suggested by the Company .
December, 11.
The Tribunal accepted the larger figures for the two periods and the appeal of the Corporation was filed to question this part of the decision.
The National Insurance Company is the appellant and the Life Insurance Corporation is the respondent.
In making the reference to the Life Insurance Tribunal the Life Insurance Corporation forwarded the entire companyrespondence and the calculation sheets together with other documents on which the calculation sheets were based.
The judgment of the Court was delivered by HIDAYATULLAH, J. This is an appeal against the order of the Life Insurance Tribunal, Nagpur, dated December 12, 1952, by which a dispute about companypensation payable to the National Insurance Company by the Life Insurance Corporation on the taking over of the life business of the former was decided.
9/XVI A of 1957.
56,36,815 1946 50 and Rs.
70,21,280 1951 53 according to the Corporation based on Form I Part 11 4th Schedule and Rs.
per annum from the appointed day September I., 1956 or at least from the date the companypensation wrongly determined was offered to the Company, namely, February 14, 1957.
The figures for the two actuarial investigations were therefore these Rs.
43,29,470 FORMULA B based on annual average calculated as suggested by the Corporation of the two sums allocated as suggested by the Company .
Another appeal was filed by the Life Insurance Corporation against the same order but was number pressed at the hearing.
The National Insurance Company carried on life insurance business in addition to other insurance Co. business and was what the Life Insurance Corporation Act, 1956 31 of 1956 , describes as a companyposite insurer.
41,44,686 1945 50 and Rs.
