Section 38
Protection of action taken in good faith.
The General Insurance Business (Nationalisation) Act, 1972
About this Act
An Act to provide for the acquisition and transfer of shares of Indian insurance companies and undertakings of other existing insurers in order to serve better the needs of the economy by securing the development of general insurance business in the best interests of the community and to ensure that the operation of the economic system does not result in the concentration of wealth to the common detriment, for the regulation and control of such business and for matters connected therewith or incidental thereto.
No suit, prosecution or other legal proceeding shall
lie against any officer of the Central Government or officer or other employee of the Corporation or of the
acquiring company for anything which is in good faith done or intended to be done under this Act.