Okay, here's a summary based on the provided case information. Note that the provided information is extremely limited, referencing only "Section 12(a) in The Life Insurance Corporation Act, 1956" and "Union of India - Subsection" with a date. This makes a comprehensive case summary impossible. I will provide a general summary based on what Section 12(a) typically addresses within the context of the LIC Act. This is an educated guess based on the likely content of the section.

Short Summary

This case likely involves a challenge to the Life Insurance Corporation's (LIC) actions under Section 12(a) of the LIC Act, 1956. Section 12(a) typically grants the LIC the power to carry on life insurance business. The case likely centers on whether the LIC acted within its statutory powers under this section, potentially regarding policy terms, investment decisions, or business practices. The holding likely clarifies the scope and limitations of the LIC's powers under Section 12(a).

Facts

Given the limited information, the facts are speculative. Hypothetically, the facts could involve:

• A policyholder challenging a specific clause in their life insurance policy, arguing it exceeds the LIC's powers under Section 12(a).
• A competitor alleging that the LIC is engaging in unfair business practices that are beyond the scope of its authorized activities under Section 12(a).
• An internal dispute within the LIC regarding the interpretation of its powers under Section 12(a) concerning investment strategies.

Issues

The primary legal issue is likely:

• What is the scope and extent of the Life Insurance Corporation's powers under Section 12(a) of the LIC Act, 1956, specifically regarding [insert specific area of dispute, e.g., policy terms, investment decisions, business practices]?

Petitioner's Arguments

The petitioner (likely the party challenging the LIC's actions) would likely argue:

• The LIC's actions exceed the powers granted to it under Section 12(a) of the LIC Act.
• The specific action in question (e.g., policy term, investment) is not reasonably related to the carrying on of life insurance business.
• The LIC's interpretation of Section 12(a) is overly broad and infringes on the rights of policyholders/competitors/etc.

Respondent's Arguments

The respondent (likely the Union of India representing the LIC) would likely argue:

• The LIC's actions are within the scope of its powers under Section 12(a) and are necessary for the efficient and effective carrying on of life insurance business.
• The specific action is reasonably related to the LIC's statutory mandate.
• The LIC has broad discretion in managing its affairs and interpreting its powers under Section 12(a).

Court's Reasoning

The court's reasoning would likely involve:

• Statutory interpretation of Section 12(a) of the LIC Act, considering the legislative intent and the overall purpose of the Act.
• Analysis of relevant precedents and case law regarding the interpretation of similar statutory provisions.
• Assessment of whether the LIC's actions are reasonable and proportionate in light of its statutory mandate.
• Balancing the LIC's need for operational flexibility with the rights and interests of policyholders/competitors/etc.

Conclusion

The court would likely rule either in favor of the petitioner, finding that the LIC exceeded its powers under Section 12(a), or in favor of the respondent, upholding the LIC's actions. The relief granted would depend on the specific facts and the nature of the challenge. It could include an injunction against the LIC, a declaration that a specific policy term is invalid, or a clarification of the scope of the LIC's powers under Section 12(a).