Auditor appointment and duties strengthened to ensure independence, reporting transparency and audit oversight for the insurer The amendments vest management in a constituted Board of Directors with specified composition, appointments, disclosures and governance committees; overhaul share capital and shareholder rights to permit issuance, transferability, voting, registers and recognition of shares as securities; and comprehensively revise audit architecture by prescribing auditor appointment, term limits, eligibility, rotation, duties, report content, internal audit requirements and a special auditor power for the Central Government, with transitional safeguards and consequential provisions to align LIC with listing requirements.
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Auditor appointment and duties strengthened to ensure independence, reporting transparency and audit oversight for the insurer
The amendments vest management in a constituted Board of Directors with specified composition, appointments, disclosures and governance committees; overhaul share capital and shareholder rights to permit issuance, transferability, voting, registers and recognition of shares as securities; and comprehensively revise audit architecture by prescribing auditor appointment, term limits, eligibility, rotation, duties, report content, internal audit requirements and a special auditor power for the Central Government, with transitional safeguards and consequential provisions to align LIC with listing requirements.
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