Section 4(5) in The General Insurance Business (Nationalisation) Act, 1972
(5)For the removal of doubts it is hereby declared that the transfer and vesting of shares effected under sub-section (1) shall not be deemed to affect any right of the Indian insurance company subsisting immediately before the appointed day against any shareholder to recover from him any sum of money on the ground that the shareholder has not paid or credited to the insurer the whole or any part of the value of the shares held by him or on any other ground whatsoever.
