BHAGWATI, J.

(1) - These writ petit- tions are filed by employees of the Life Insurance Corporation challenging the constitutional validity of the Life Insarance Corporation (Modification of Settlement) Act, 1976. This unusual piece of legislation was enacted by Parlia- ment during the emergency at a time when there could hardly be any effective debate or discussion and it sought to render ineffective a solemn and deli- berate Settlement arrived at between the Life Insurance Corporation and tour different associations of its employees for payment of cash bonus. It is neces- sary, in order to appreciate the various contentions arising in the Writ Petition to recapitulate briefly the facts leading up to .the enactment of the Lite Insurance Corporation (Modification of Setttenicnt) Act, 1976, hereinafter referred to as the impugned Act. 1A The Life Insurance Corporation is a statutory authority established under the Life Insurance Corporation Act, 1956 and under S. 6 it is the general duty of the Life Insurance Corporation to carry on life insurance business, whether in or outside India, and it is required to so exercise its powers as to secure that life insuranc