https://www.taxtmi.com/acts?id=39390 The amendments vest LIC's general superintendence in a Board of Directors with specified categories of directors, appointment and transitional deeming provisions. They set eligibility and disqualification standards for directors, require periodic independence declarations, and prescribe disclosure of interests and prohibitions on participation where conflicts exist. Related party transactions require Board consent, may need shareholder approval, and must be reported with justification; undisclosed or unauthorized related transactions are voidable and attract penalties. An adjudicating officer framework is created for imposing and hearing penalties, with appellate review and enhanced penalties for repeat violations. en-us Mon, 01 Feb 2021 19:08:33 +0530 Thu, 04 Feb 2021 15:34:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=39390 The amendments vest LIC's general superintendence in a Board of Directors with specified categories of directors, appointment and transitional deeming provisions. They set eligibility and disqualification standards for directors, require periodic independence declarations, and prescribe disclosure of interests and prohibitions on participation where conflicts exist. Related party transactions require Board consent, may need shareholder approval, and must be reported with justification; undisclosed or unauthorized related transactions are voidable and attract penalties. An adjudicating officer framework is created for imposing and hearing penalties, with appellate review and enhanced penalties for repeat violations. Act-Rules Bills Mon, 01 Feb 2021 19:08:33 +0530 https://www.taxtmi.com/acts?id=39390