INSURANCE CORPORATION ACT, 1973

 

INSURANCE CORPORATION ACT, 1973 (VI of 1973)

 

Sections—14 and 15

Service matter—Insurance Company
nationalized—Contracts of the Company kept alive—Employees of the Company
absorbed in the service of the Corporation—Corporation not exercising option
given by law—Employees of the Company continue to be employees of the
Corporation.

The
service of the appellant continued in Surma Jiban Bima Corporation and the fact
of continuity of service gets further confirmation from payment of his salary
by the said Corporation. V

As
with the transfer of the entire undertakings of the Eastern Federal Insurance
Company, all the contracts and agreements entered by the said company subsisted
which include the contract of service that the appel-. taut had with the
company, similarly, with the transfer of the entire undertaking of the same
Corporation and absorption of the services of its officers and employees in the
respondent— Corporation, the appellant’s service must also be held to have been
similarly absorbed in it. There is no indication in any of the provisions
contained in the Act that the contract of service was put an end to.

M.A. Qasem Vs. Jiban Bima Corporation and
another, 1 BLD (AD) 191

 

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