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Report No. 190 Voluntary winding up (Section 54) 8.9.7 Section 54 excludes voluntary winding up of insurance companies except for the purpose of amalgamation or reconstruction of the company or it cannot continue its business because of its liabilities. But amalgamation or reconstruction of the company does not presuppose winding up and interests of the shareholders are considered and protected under the scheme approved by the Authority. While in the case of winding up, the process is altogether different. Therefore, section 54 may be amended to the effect that insurance companies should not be wound up except on the ground that by reason of its liabilities it cannot continue its business.    |
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