Corporate governance reform: LIC restructured for board governance, shareholder equity and listing aligned disclosure obligations.

The Bill restructures LIC's governance by vesting general superintendence in a Board of Directors with defined composition, director qualifications, disclosure duties and Board committees; reforms capital and shareholder law to permit issuance and transfer of equity, voting rights, registers and beneficial interest declarations; strengthens audit, financial reporting and dividend provisions to align with listing requirements; and empowers the Central Government to adapt Companies Act prescriptions for LIC and to make time limited orders to remove difficulties, with consequential rule making and regulatory powers for the Board and Government.

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