Corporate governance reform: Board restructuring, share issuance and listing aligned disclosure and audit provisions for LIC. The Bill amends the LIC Act to vest superintendence in a Board of Directors with prescribed composition, committees and delegation, to protect acts despite defects in constitution or appointments, and to limit liability of non whole time directors to matters within their knowledge or due diligence. It enables issuance and transferability of equity, voting rights, and recognition of shares as securities including treatment of Central Government shareholdings for IPO purposes, and inserts robust financial reporting, audit and disclosure obligations aligned with listing requirements.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Corporate governance reform: Board restructuring, share issuance and listing aligned disclosure and audit provisions for LIC.
The Bill amends the LIC Act to vest superintendence in a Board of Directors with prescribed composition, committees and delegation, to protect acts despite defects in constitution or appointments, and to limit liability of non whole time directors to matters within their knowledge or due diligence. It enables issuance and transferability of equity, voting rights, and recognition of shares as securities including treatment of Central Government shareholdings for IPO purposes, and inserts robust financial reporting, audit and disclosure obligations aligned with listing requirements.
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