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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Bill 2021 proposes changes to LIC Act, revising Section 25 on auditor appointments and governance standards.</h1> The amendments to the Life Insurance Corporation Act, 1956, proposed in the Finance Bill, 2021, include the substitution of Section 25, focusing on the appointment and tenure of auditors for the Corporation. Auditors are to be appointed for five-year terms, with restrictions on reappointment and conditions to prevent conflicts of interest. The amendments also establish procedures for auditor removal, resignation, and the appointment of internal and special auditors. Additionally, the amendments aim to align LIC's corporate governance, audit, and financial reporting standards with listing requirements, facilitating its potential listing on stock exchanges.
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