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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Bill 2021 amends LIC Act 1956, modernizing governance and enabling stock exchange listing. Key changes in sections 46, 47.</h1> The amendments to the Life Insurance Corporation Act, 1956, proposed in the Finance Bill, 2021, aim to modernize corporate governance and facilitate the listing of LIC on stock exchanges. Key changes include the substitution of sections 46 and 47 to ensure that defects in the constitution or appointment of directors do not invalidate corporate actions and to protect directors from liability for good faith actions. New provisions address director qualifications, share transferability, voting rights, and financial reporting to align with listing requirements. These changes support the issuance of equity shares and the potential sale of government-held shares through an initial public offering.
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