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TMI BlogAmendment of section 48.X X X X Extracts X X X X X X X X Extracts X X X X ..... in relation to a public issue, under clause (a) of sub-section (9) of section 5; ; (iii) for clause (g), the following clause shall be substituted, namely: (g) the conditions under the first proviso to clause (d) of sub-section (2) of section 19C; ; (iv) after clause (h), the following clauses shall be inserted, namely:- (ha) the manner in which general meetings shall be held, and the business to be transacted and procedure to be followed thereat; (hb) the quorum for a general meeting, and the manner of holding the meeting if it could not be held for want of quorum and was adjourned under section 23A; (hc) the manner in which persons may attend a general meeting and exercise their vote; (hd) the manner in which notices may be served on beha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Act, 1938 but defined in the Companies Act, 2013, shall have the meanings respectively assigned to them in the Companies Act, 2013. These amendments are consequential to the other amendments proposed to the LIC Act. It is further proposed to substitute section 4 of the LIC Act, to provide for the vesting of the general superintendence and direction of the affairs and business of the Life Insurance Corporation of India (hereinafter referred to as LIC ) in its Board of Directors, the composition thereof, the appointment or nomination of directors thereon, and deeming of members constituting LIC immediately before the coming into force of this section as directors under the substituted section 4, in order to bring the provisions relating to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vernment during three years preceding an initial public offer for computation of minimum promoter s contribution and of all fully paid-up equity shares of LIC held by the Central Government for an offer of sale by way of an initial public offer notwithstanding any ineligibility for such computation or any condition for a minimum holding period under any law for the time being in force, and issuing of other securities by LIC for raising funds to meet its business requirements. These amendments will enable issue of shares to the Central Government against paid-up capital invested by it in LIC as well as issue of bonus shares to the Central Government, which could be offered for sale by way of an initial public offer, with resultant receipt of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te governance in alignment with listing requirements. It is also proposed to amend section 22 of the LIC Act to omit the existing provision under sub-section (2) for constitution of a Board in each zone of LIC and to amend the existing provision for a member of LIC (who corresponds to a director under the proposed amendments) to be a Zonal Manager of LIC, consequential to proposed constitution of Board of LIC under the substituted section 4 and the disqualification to be a director under clause (l) of the new section 4A. It is also proposed to insert new section 23A in the LIC Act, to provide for annual general meeting and other general meetings of registered shareholders of LIC, in order to bring the provisions relating to the rights of LI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iance with the law and relevant standards in alignment with listing requirements. It is also proposed to amend section 26 of the LIC Act to provide for substitution of the reference to the Corporation with reference to the Board, consequential to constitution of the Board of LIC under the proposed amended section 4 in place of the constitution of the Corporation under the existing section 4. It is also proposed to amend section 27 of the LIC Act, to omit the provisions relating to giving in the Annual Report an account of activities likely to be taken by LIC in the next financial year, in order to bring the provisions relating to the Annual Report in alignment with listing requirements. It is also proposed to substitute section 28 of the LI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... han a whole-time director, which are matters incidental to the provision for independent, elected and other categories of non-whole-time directors under the proposed new section 4. It is also proposed to amend sub-section (2) of section 48 of the LIC Act, to provide for making of rules by the Central Government relating to various matters that are either incidental to or consequent upon the various other amendments proposed in this Part. It is also proposed to amend section 49 of the LIC Act, to provide for making of regulations by the Board of LIC relating to various matters that are either incidental or consequent upon the various other amendments proposed in this Part. It is also proposed to insert new sections 50 and 51 in the LIC Act t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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