Judgement

VENKATARAMIAH, J. : - The question involved in these appeals by special leave which are filed against the judgment dated August 17, 1985 of the High Court of Allahabad in Civil Misc. Writ No. 6849 of 1984 : (reported in 1986 Lab IC 400) relates to the constitutional validity of Regn. 19(2) of the Life Insurance Corporation of India (Staff) Regulations, 1960, (hereinafter referred to as the (Staff) Regulations, 1960), as amended on 21-1-1977 by the Life Insurance Corporation of India (hereinafter referred to as the Corporation) which provides that an employee belonging to Class I or Class II appointed to the service of the Corporation on or after 1st September, 1956 shall retire on completion of 58 years of age but the competent authority may. if it is of the opinion that it is in the interest of the Corporation to do so, direct such employee to retire on completion of 50 years of age and at any time thereafter on giving him three months notice or salary in lieu thereof.

2. Prior to January, 1955 there were more than 200 insurers carrying on life insurance business in India. As it came to the notice of the Government that the Indian life insurers. with a few exceptions, were