SHYAMAPADA CHAKRABERTTY AND OTHERS vs THE CONTROLLER OF INSURANCE, GOVERNMENT OF INDIASIMLA AND

The Supreme Court upheld the validity of the transfer of a life insurance company's business under Section 36 of the Insurance Act, 1938, ruling that such a transfer does not constitute an alteration of the company's memorandum under Section 12 of the Indian Companies Act, 1913. The Court clarified that the transfer was not a winding up of the company and did not violate Article 14 of the Constitution. It also noted that modifications to the transfer scheme could be sanctioned if the original resolution allowed for such changes.