Judgment

CHINNAPPA REDDY, J. :- The Aluminium Corporation of India Limited, the appellant in the civil appeal, has not appeared before us at the hearing. However, Dr. Y. V. Chitale appearing for the Bharat Aluminium Corporation, who were appointed as Authorised Agents on the take over of the Aluminium Corporation of India Limited under the provisions of the Industries Development and Regulation Act, has assisted us and we are greatful to him for his assistance. The question for consideration in the appeal is about the interpretation of a provision of the Emergency Risks (Factories) Insurance Scheme and it arises this way : The Aluminium Corporation of India Limited was obliged to insure its factories, factory buildings, plants, machinery etc., under the Emergency Risks (Factories) Insurance Act, 1962 and the Emergency Risks (Factories) Insurance Scheme made under that Act. A sum of Rs. 2,43,750/- was determined by the Chief Enforcement Officer as the amount payable by the Aluminium Corporation of India Limited towards arrears of premia, Cl. (a) of Para 7 of the Scheme prescribed that the insurable value of property for the purpose of insurance under the Act shall, be, "the actual va