Section 21: Interim provisions for management of Indian insurance companies. - (1) Notwithstanding anything contained in the Companies Act or in the memorandum and articles of association of any Indian insurance company, on and from the appointed day and until a new board of directors of the Indian insurance company is duly constituted, the management of the company shall continue to vest in the Custodian in charge of the management of the undertaking of that company immediately before the appointed day by virtue of the provisions contained in the [General Insurance (Emergency Provisions) Act, 1971 (17 of 1971)], and the Custodian shall be entitled, subject to such directions as the Central Government may issue in this behalf, to exercise all the powers and do all acts and things as may be exercised or done by the company or by its board of directors

Q: What does Section 21 of The General Insurance Business (Nationalisation) Act, 1972 (TGIBNA) deal with?

Section 21 TGIBNA pertains to "Interim provisions for management of Indian insurance companies. - (1) Notwithstanding anything contained in the Companies Act or in the memorandum and articles of association of any Indian insurance company, on and from the appointed day and until a new board of directors of the Indian insurance company is duly constituted, the management of the company shall continue to vest in the Custodian in charge of the management of the undertaking of that company immediately before the appointed day by virtue of the provisions contained in the [General Insurance (Emergency Provisions) Act, 1971 (17 of 1971)], and the Custodian shall be entitled, subject to such directions as the Central Government may issue in this behalf, to exercise all the powers and do all acts and things as may be exercised or done by the company or by its board of directors". It is part of the The General Insurance Business (Nationalisation) Act, 1972, a legislation enacted by the Parliament of India. Section 21 of The General Insurance Business (Nationalisation) Act, 1972 (TGIBNA) governs interim provisions for management of Indian insurance companies. - (1) Notwithstanding anything contained in the Companies Act or in the memorandum and articles of association of any Indian insurance company, on and from the appointed day and until a new board of directors of the Indian insurance company is duly constituted, the management of the company shall continue to vest in the Custodian in charge of the management of the undertaking of that company immediately before the appointed day by virtue of the provisions contained in the [General Insurance (Emergency Provisions) Act, 1971 (17 of 1971)], and the Custodian shall be entitled, subject to such directions as the Central Government may issue in this behalf, to exercise all the powers and do all acts and things as may be exercised or done by the company or by its board of directors. As verified on 19 May 2026.

Q: Is Section 21 TGIBNA still in force?

Yes, Section 21 of the The General Insurance Business (Nationalisation) Act, 1972 is currently in force across the Republic of India.

Q: What is धारा 21 TGIBNA?

धारा 21 TGIBNA is the Devanagari Hindi reference for Section 21 of the The General Insurance Business (Nationalisation) Act, 1972. Section 21 of The General Insurance Business (Nationalisation) Act, 1972 (TGIBNA) governs interim provisions for management of Indian insurance companies. - (1) Notwithstanding anything contained in the Companies Act or in the memorandum and articles of association of any Indian insurance company, on and from the appointed day and until a new board of directors of the Indian insurance company is duly constituted, the management of the company shall continue to vest in the Custodian in charge of the management of the undertaking of that company immediately before the appointed day by virtue of the provisions contained in the [General Insurance (Emergency Provisions) Act, 1971 (17 of 1971)], and the Custodian shall be entitled, subject to such directions as the Central Government may issue in this behalf, to exercise all the powers and do all acts and things as may be exercised or done by the company or by its board of directors. As verified on 19 May 2026.

Q: What is Dhara 21 TGIBNA?

Dhara 21 TGIBNA is the Roman Hindi reference for Section 21 of the The General Insurance Business (Nationalisation) Act, 1972. "Dhara" means "Section" in Hindi. Section 21 of The General Insurance Business (Nationalisation) Act, 1972 (TGIBNA) governs interim provisions for management of Indian insurance companies. - (1) Notwithstanding anything contained in the Companies Act or in the memorandum and articles of association of any Indian insurance company, on and from the appointed day and until a new board of directors of the Indian insurance company is duly constituted, the management of the company shall continue to vest in the Custodian in charge of the management of the undertaking of that company immediately before the appointed day by virtue of the provisions contained in the [General Insurance (Emergency Provisions) Act, 1971 (17 of 1971)], and the Custodian shall be entitled, subject to such directions as the Central Government may issue in this behalf, to exercise all the powers and do all acts and things as may be exercised or done by the company or by its board of directors. As verified on 19 May 2026.

Q: How to cite Section 21 of The General Insurance Business (Nationalisation) Act, 1972?

Cite as: "Section 21, The General Insurance Business (Nationalisation) Act, 1972 (TGIBNA)" in legal briefs. For academic writing, use the BlueBook format: The General Insurance Business (Nationalisation) Act, 1972, § 21 (India).

Law on Tips Editorial Board

(2)

Nothing contained in sub-section (1) shall be deemed to prevent the Central Government from appointing any other person to take charge of the management of the undertaking of any Indian insurance company during the period referred to in that sub-section if for any reason it becomes necessary so to do, and any person so appointed may exercise all the powers and do all acts and things which a Custodian may exercise or do under sub-section (1).

(3)

The Custodian referred to in sub-section (1) and the person appointed under sub-section (2) shall be entitled to such salaries and other allowances as the Central Government may specify in this behalf and shall hold office during the pleasure of the Central Government.