LIC Allows Shareholder Directors on Board: New Regulations
By Rediff Money Desk, NEWDELHI Dec 02, 2023 20:59
LIC has amended its framework to include shareholder directors on its board, following its IPO last year. The new regulations allow for the election of a shareholder director by a general meeting of shareholders.
![LIC Allows Shareholder Directors on Board: New Regulations](https://im.rediff.com/money/2021/jul/12lic.jpg)
New Delhi, Dec 2 (PTI) State-owned insurer LIC on Saturday said it has amended a framework to allow the induction of shareholders' directors on its board.
LIC was listed on bourses following the largest initial public offering in the Indian capital market last year. The government raised Rs 20,557 crore by diluting its 3.5 per cent stake in the insurer.
Life Insurance Corporation of India (shareholders' director) Regulations, 2023, was notified in the Gazette of India on December 1, 2023, LIC said in a regulatory filing.
The corporation would, upon notice of not less than one thousand shareholders or one-tenth of the total number of shareholders, whichever is lower, elect a shareholders' director through a general meeting of such shareholders, the regulation said.
The person elected as a shareholders' director would be appointed by the board for a term of 4 years and eligible for re-election and re-appointment for another term of 4 years, it added.
At present, LIC has five executive directors, including Chairman Siddhartha Mohanty, nine independent directors and one government nominee Director MP Tangirala.
LIC was listed on bourses following the largest initial public offering in the Indian capital market last year. The government raised Rs 20,557 crore by diluting its 3.5 per cent stake in the insurer.
Life Insurance Corporation of India (shareholders' director) Regulations, 2023, was notified in the Gazette of India on December 1, 2023, LIC said in a regulatory filing.
The corporation would, upon notice of not less than one thousand shareholders or one-tenth of the total number of shareholders, whichever is lower, elect a shareholders' director through a general meeting of such shareholders, the regulation said.
The person elected as a shareholders' director would be appointed by the board for a term of 4 years and eligible for re-election and re-appointment for another term of 4 years, it added.
At present, LIC has five executive directors, including Chairman Siddhartha Mohanty, nine independent directors and one government nominee Director MP Tangirala.
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- GTL Infrastructure
- 2.93 ( -4.87)
- 226206286
- IFL Enterprises
- 1.30 (+ 4.84)
- 81461564
- Vodafone Idea L
- 16.79 (+ 0.66)
- 67447398
- NCL Research
- 0.95 ( -4.04)
- 31996628
- Franklin Industries
- 3.73 (+ 3.32)
- 21511209
MORE NEWS
![AlgoBharat & SEWA...](https://im.rediff.com/80-80/news/2018/feb/02health4.jpg)
AlgoBharat & SEWA Launch Digital Health Passport
AlgoBharat and SEWA partner to launch a blockchain-based Digital Health Passport,...
![Sensex, Nifty Hit...](https://im.rediff.com/80-80/money/2017/mar/16bse4.jpg)
Sensex, Nifty Hit Record Highs for 3rd Day |...
Indian stock markets closed at new highs on Tuesday, driven by gains in FMCG, telecom,...
![India's Gems...](https://im.rediff.com/80-80/money/2023/jan/27jewelry.jpg)
India's Gems & Jewelry Exports Decline...
India's gems and jewellery exports dropped 13.44% in June to Rs 15,939.77 crore,...