Document Fragment View
Fragment Information
Showing contexts for: structural changes in Insurance Regulatory And Development ... vs Shriram Life Insurance Company Limited on 10 March, 2025Matching Fragments
30. The learned counsel for the Appellant in further elaboration of his argument has argued, that since the consequential effect of the amalgamation will have a bearing on the Share configuration of the respective insurance Companies, it will attract section 6A of the Insurance Act and therefore, without the compliance of the provisions contained under Section 35 of Insurance Act, the merger cannot be done without the approval of authority, because of the provisions contained under Section 6A of the Insurance Act. He further contends that since there happens to be a change in the Capital Structure, Voting Rights and other such allied activities in the respective insurance companies, no amalgamation ought to have been permitted, as the very objective of Section 6A of the Insurance Act is being defeated. Provisions of section 6A is extracted hereunder: