- (1.) THIS is an application by Himangsu Chakraborty and fen others challenging certain notifications issued by the respondents. The application is in a representative capacity and it may be mentioned that, at the time of the issue of the Rule Nisi, leave was granted by me under Order 1 Rule 8 of the Code of Civil Procedure 1908.
(2.) BEFORE I come to the impugned notifications it would be useful to deal with the background of this case.
(3.) AS is well-known life insurance business in India was nationalised by virtue of the enactment of the Life insurance Corporation Act 1956 (hereinafter referred to as the Act ). Prior to the commencement of the Act, life insurance business was in the hands of private institutions whose volume of, business varied to a considerable extent.;