1. The first and the second petitioners were clerks employed by the Bombay Life Assurance Co. Ltd. immediately prior to 1st September, 1956. The third petitioner was a clerk then employed by the Oriental Government Security Life Assurance Co. Ltd. The fourth petitioner was a clerk then employed by the Hindus than Co-operative Insurance Society Ltd. The fifth petitioner was then employed ns an assistant doing clerical work by the New India Assurance Co. Ltd. at Bombay. The sixth petitioner was a peon then employed by the New India Assurance Co. Ltd. at Bombay. The seventh petitioner was then employed as a clerk by the National Insurance Co. Ltd. On 19th January, 1958, the President of India promulgated an Ordinance called The Life Insurance (Emergency Provisions) Ordinance, 1956. Under that Ordinance, on and from the appointed day, that is, the 19th January. 1956. the management of the controlled business of all the insurers carrying on life insurance business vested in the Central Government. The said Ordinance was repealed and replaced by the Life Insurance (Emergency Provisions) Act, 1956. On 18th June, 1956, the Life Insurance Corporation Act, 1956, was enacted. That A