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SUPREME COURT OF INDIA

Page 1 of 86

PETITIONER:

LIFE INSURANCE CORPORATION OF INDIA

Vs.

RESPONDENT:

ESCORTS LTD. & ORS.

DATE OF JUDGMENT19/12/1985

BENCH:

REDDY, O. CHINNAPPA (J)

BENCH:

REDDY, O. CHINNAPPA (J)

VENKATARAMIAH, E.S. (J)

ERADI, V. BALAKRISHNA (J)

MISRA, R.B. (J)

KHALID, V. (J)

CITATION:

1986 AIR 1370 1985 SCR Supl. (3) 909

1986 SCC (1) 264 1985 SCALE (2)1289

CITATOR INFO :

R 1988 SC1737 (66)

E&F 1989 SC1642 (22,26,41)

D 1989 SC1713 (10)

RF 1990 SC 737 (27)

RF 1991 SC1191 (13)

R 1991 SC1420 (25,73)

RF 1992 SC 1 (45)

ACT:

A. Foreign Exchange Regulation Act, 1973, section

29(1)(b) - Whether the Reserve Bank of India had the power

or authority to give "ex-post facto" permission under

section 29(1)(b) of the Act for the purchase of shares in

India by a company not incorporated in India or whether such

permission had necessarily to be previous permission - Words

and Phrases "Permission" meaning of.

B. Corporate democracy, concept of, explained.

C. Company Law - Shares - Nature of the property in

shares - Law rel