( 1 ) BY this petition under Article 226 of the Constitution a certain regulation framed by the Life Insurance Corporation of India (hereafter referred to as the " Corporation ") has been challenged. Shyam Lal Sharma is the petitioner. The Corporation is respondent No. 1. The chairman of the Corporation is respondent No. 2.

( 2 ) THE Corporation was established under the Life Insurance Corporation Act, 1956 (hereafter referred to as "the Act") with effect from the 1st of September, 1956. The petitioner is an employee of the Corporation. Section 49 of the Act has conferred on the Corporation power to make regulations. By virtue of that authority, the Corporation has made a number of regulations. Regulation No. 25 prohibits employees of the Corporation from participating in politics and standing for elections. According to the petitioner, regulation No. 25 violates a number of fundamental rights conferred on him by Article 19 of the Constitution, and is, therefore, void. The petitioner applied to the respondents for permission to offer himself as a candidate for a seat in the U. P. Vidhan Sabha. Permission was refused. The petitioner has, therefore, prayed that regul