- (1.) This is a suit for recovery of Rs. 44,958/- (Forty-four thousand nine hundred fifty-eight) only being the amount due and payable from 25th January, 1956 till 24th Jan. 1958 by the Hindusthan Cooperative Insurance Society Ltd., a company incorporated under the Indian Company's Act. By virtue of the provisions of the Life Insurance Corporation Act, 1956 (Act No. X 31 of 1956) the assets and liabilities of the said Hindusthan Co-operative Insurance Society Ltd. having been vested in the Life Insurance Corporation of India, the present defendant is said to be liable to pay to the plaintiff the said sum of money.
(2.) Plaintiffs case, shortly stated, is that Late Nalini Ranjan Sarkar predecessors-in-interest of the original and substituted plaintiffs was associated with Hindusthan Cooperative Insurance Society Ltd. and in consideration of his devoted and loyal service the said society at a meeting of its Board of Directors held in Calcutta on 12th Aug. 1940, resolved, inter alia, as follows:-(a) That the said Sri Nalini Ranjan Sarkar be paid for the reminder of his natural life the sum of Rs. 5,000/- (Five thousand) only per month as pension or retiring allowance with effect from 1st January, 1940 free of Incometax, subject to an undertaking given by him that he shall not work directly or indirectly without the previous permission in writing of the Board for any other Life Insurance Company; (b) That in the eventuality of the said Sri Nalini Ranjan Sarkar's death before 1st January, 1955 an allowance shall be paid to his dependents in the following manner:(i) a sum of Rs. 1250/- (One thousand two hundred fifty) only per month to be paid for ten (10) years in case he died before 1st January, 1945; (ii) a sum of Rs. 1250/- (One thousand two hundred fifty) only per month to be paid for seven (7) years in case he died before the 1st January, 1950; (iii) a sum of Rs, 1250/- (One thousand two hundred fifty) only per month to be paid for five (5) years in case he died before 1st January, 1955.(c) The dependents would be nominated by the said Sri Nalini Ranjan Sarkar, the proportion payable to each also to be specified by him during his lifetime.(d) In the absence of any such nomination or specification of proportions the payments are to be made to his legal heirs and in such proportion to each as the Directors of the Society may think fit.
(3.) Said Sri Nalini Ranjan Sarkar died 9 intestate on 25th January, 1953, living him surviving the plaintiffs as his heirs, 1953. The plaintiffs including their predecessors-in-interest, Late Sri Nalini Ranjan Sarkar are governed by the Dayabhaga School of Hindu Law. Nalini Ranjan Sarkar did not nominate any dependant or specified the proportion payable to such dependants.;