https://www.taxtmi.com/acts?id=39393 Amendments vest general superintendence of LIC in a Board of Directors, set Board composition and director categories, establish disqualification and disclosure rules, create Board committees with defined powers, and substitute Chairperson and Managing Director provisions to allow Board-entrusted powers and delegation. They permit issuance and transferability of shares, voting and membership registers, recognition of shares as securities, and measures to enable listing and an initial public offering. Financial reporting, audit, fund separation, dividend rules and penalties for non-compliance are also strengthened, with consequential rulemaking and transitional provisions. en-us Mon, 01 Feb 2021 19:34:48 +0530 Mon, 01 Feb 2021 19:34:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=39393 Amendments vest general superintendence of LIC in a Board of Directors, set Board composition and director categories, establish disqualification and disclosure rules, create Board committees with defined powers, and substitute Chairperson and Managing Director provisions to allow Board-entrusted powers and delegation. They permit issuance and transferability of shares, voting and membership registers, recognition of shares as securities, and measures to enable listing and an initial public offering. Financial reporting, audit, fund separation, dividend rules and penalties for non-compliance are also strengthened, with consequential rulemaking and transitional provisions. Act-Rules Bills Mon, 01 Feb 2021 19:34:48 +0530 https://www.taxtmi.com/acts?id=39393