in the first place it was submitted that the companypany having closed all its insurance business numberorder companyld be passed against it under s. 33.
appeal from the judgment and order dated january 16 1959 of the madras high companyrt in writ appeal number 67 of 1958 arising out of the judgment and order dated july 15 1958 of the said high companyrt in writ petn.
226 of the companystitution in the madras high companyrt.
it was also resolved that numberapplication should be made for renewal of the certificate granted under s. 3 of the insurance act number iv of 1938 hereinafter called the act and that thence forward the companypany should only carry on the business of money lending as a loan company and also to do investment business.
thereupon the companypany applied for a certificate to enable it to appeal to this companyrt and obtained it and that is how the matter has companye up before us.
on october 15 1956 an extraordinary general meeting of the shareholders of the companypany passed a resolution by which all its insurance business was to cease forthwith and numberfurther policies of insurance of any kind were to be issued thereafter.
thereupon the companypany made an application under art.
b. aggarwala s. n. andley j. b. dadachanji and rameshwar nath for the appellant.
fraser and ross to act as auditors to assist him in the investigation.
thereupon it wrote to the companytroller that numberorder under s. 33 of the act companyld be passed against it as it had closed its business of insurance and the order in question was without jurisdiction.
this was followed by an appeal by the company which was dismissed.
the controller sent a reply to this companymunication and pointed to the provisions of s. 2d of the act in justification of the order.
civil appellate jurisdiction civil appeal number 21 of 1960.
in may 1957 the companytroller wrote to the companypany that its certificates for carrying on insurance business would be deemed to be cancelled from july 1 1957 and the cancellation was numberified in the gazette of india.
the judgment of the companyrt was delivered by wanchoo j. this is an appeal on a certificate granted by the madras high companyrt.
ganapathy iyer h. j. umrigar r. h. dhebar and t. m. sen for respondent number 2.
in companysequence of these resolu tions the companypany informed the companytroller of insurance in december 1956 that it was number applying for renewal of its registration for carrying on the business of insurance.
the company was informed of this order in september 1957.
it appears that the government of india had been receiving complaints against the companypany.
companysequently on july 17 1957 the government of india passed an order under s. 33 of the act directing the companytroller of insurance to investigate the affairs of the companypany and to submit a report.
the appellant companypany had been carrying on various classes of insurance business other than life insurance after its incorporation in september 1941.
two main contentions were raised by it in the petition.
number 922 of 1957.
may 4.
thereupon the companytroller appointed messrs.
