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1965 (4) TMI 105 - SC - Companies LawWhether the Tribunal had no jurisdiction to proceed with the proceedings on the petition presented by the Corporation without the leave of the High Court in view of s. 446 of the Companies Act, 1956, the company having been ordered to be wound-up by the High Court on November 9, 1959? Whether in view of s. 44(a) of the LIC Act none of the provisions of the Act applied to the company and therefore the Tribunal could not proceed on the application of the Corporation subsequent to the company being wound-up? Whether the transfer of ₹ 82,000/- from the Life Fund to the General Department of the company was for consideration and was necessary for the life insurance business? Held that:- The Tribunal had jurisdiction to continue the proceedings after November 9, 1959 when the company was ordered to be wound-up and that the provisions of s. 446, Companies Act, or s. 44(a), LIC Act, do not in any way affect its jurisdiction to continue the proceedings. The Tribunal took a correct view about the nature of the transfer of ₹ 1,10,000/- in 1948 and ₹ 32,000/- in 1952 to the Life Insurance Fund and rightly held that the transfer of ₹ 82,000/- to the General Department by' resolution dated January 6, 1956, was not in accordance with the provisions of the Insurance Act and that consequently that amount continued to form part of the assets of the life insurance business of the company upto September 1, 1956 and that as such vested in the Corporation which could recover it from the company and the directors responsible for the transfer of the amount to the General Department. Appeal dismissed.
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