Corporate governance overhaul enables board-led restructuring and share issuance to facilitate LIC listing and shareholder rights alignment.

The Bill restructures LIC governance by vesting control in a newly constituted Board of Directors, aligning definitions with company and listing law, establishing director disqualifications, disclosure and related-party rules, and enabling issuance, transferability and voting of shares to facilitate listing and public offers; it also strengthens financial reporting, audit provisions and board committees, with consequential amendments to funds, surplus allocation, dividend treatment and rulemaking powers to implement these changes.

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