Statutory Corporations-Regulations made by, whether have force of law-. Whether employees of corporation are servants of Union or State.

Constitution of India. Art. 12-Whether statutory corporations are 'State' or 'authority',

The Oil and Natural Gas Commission, the Industrial Finance Corporation and the Life Insurance Corporation are created by statutes. The Oil and Veral Gas Commission is owned by the Covernment, the management is by the Government and it could be dissolved only by the Government. The provisions of the Oil and Natural Gas Commission Act, 1954, creating it, show that it acts as an agency of the Central Government. The provisions of the Industrial Finance Corporation Act, 1948, creating the Industrial Finance Corро- ration show that the Corporation is under the complete control and management f the Central Government. Provisions of the Life Insurance Act, 1956, which creates the Life Insurance Corporation, show that this Corporation is also an agency of the Government carrying on the exclusive business of Life Insurance. The Corporation is owned and managed by the Government and it can be dissolved only by the Government. All the three statutes constituting the three statutory corporations enabled them to make regulations which provide, inter alia, for the terms and conditions of employment and services of their employees.

On the question whether, (i) the regulations have the force of law, and (ii) whether the statutory corporations are 'State' within the meaning of Art. 12 of the Constitution,