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of <h1>Finance Act 2021: New Section 23A mandates annual meetings for LIC, enabling voting and discussions on key matters.</h1> The Finance Act, 2021 amends the Life Insurance Corporation Act, 1956 by adding Section 23A, mandating annual and other general meetings for the Corporation. These meetings must occur annually within a 15-month interval, provided there are members other than the Central Government eligible to vote. Attendees can discuss and adopt financial statements, annual reports, and approve appointments of directors and auditors. Members may attend and vote in person, by proxy, or electronically. Only specified business can be conducted unless prior notice is given. Meetings require a quorum, and minutes must be recorded for all proceedings.
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