NEW ASIATIC INSURANCE CO LTD Vs. STATE

JUDGEMENT

(1.) THIS petition under Section 17 of the Companies Act (1 of 1956) has been filed on behalf of the New Asiatic Insurance Company Limited (hereinafter called the "company") for confirmation of the alterations of the memorandum of association of the company.

(2.) THE petitioner-company was registered on 21st November, 1933, under the Indian Companies Act, 1913. Its registered office is in Connaught Circus, New Delhi, and its authorised capital is rupees seventy-five lakhs divided into 7,50,000 shares of Rs. 10 each. The paid up capital is Rs. 38,46,790, divided into 4,00,000 shares of Rs. 10 each, with rupees 1,53,210 being calls-in-arrears on 31st December, 1963. The objects for which the company was formed are set out in Clause 3 of the memorandum of association and, inter alia, are to carry on the business of life assurance sickness assurance, accident assurance and any other kind of assurance in general. Another object mentioned was to purchase or otherwise ' acquire the business and property of any other person, company or firm, and to carry on or stop that business. Some of the other objects included were :

(3.) ON 18th November, 1964, a special resolution was passed unanimously at an extraordinary general meeting of the company after notice and it was resolved to alter the objects of the company as under ;