Corporate governance reforms enable LIC listing and share issuance while aligning financial reporting and shareholder rights with listing rules. The Bill restructures LIC governance by vesting direction in a Board of Directors, prescribes Board composition and director qualifications, and adds provisions on disclosures, related party transactions and penalties to align corporate governance with listing requirements; it authorises issuance and transferability of equity shares to the Central Government and others, sets voting and register rules, recognises shares as securities, and reforms financial reporting, auditing, fund allocation and dividend procedures to enable listing and compliance with securities law.
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Corporate governance reforms enable LIC listing and share issuance while aligning financial reporting and shareholder rights with listing rules.
The Bill restructures LIC governance by vesting direction in a Board of Directors, prescribes Board composition and director qualifications, and adds provisions on disclosures, related party transactions and penalties to align corporate governance with listing requirements; it authorises issuance and transferability of equity shares to the Central Government and others, sets voting and register rules, recognises shares as securities, and reforms financial reporting, auditing, fund allocation and dividend procedures to enable listing and compliance with securities law.
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