APPLICATION S UNDER RTI

Dear  friends  

                                          My applications to  LIC and  DOF   under RTI                                    28-6-2018

             Today I sent applications under  RTI to ED , RTI, LIC,   and  to CPIO,  Insurance Division 1;

             DOF,  New Delhi  .  I am enclosing   the  copies  for ur   giving necessary  publicity

            

             I feel that  at this moment, at  our level, this is the least  we can do 

             I am also proposing   to send   applications to  I R D A I and  and  RBI

             Thanking u

             y/s    

             cs murty 

 

 

TO

C P I  O     DEPT OF FINANCIAL  SERVICES

MINISTRY OF FINANCE, JEEVAN DEEP BLDG    PARLIAMENT  ST  

NEW DELHI  110 001                                                                                   28-6-18

Dear  sir

                  REG ; APPLICATION UNDER  RTI  -   LIC  BOARD DECISION TO  INFUSE

                            43 % ADDITIONAL  CAPITAL   IN  I D B I  

The   attention of  38 crores   policy holders,  more than 1 lakh  employees  and more than  50000  pensioners  from  LIC of India  has been  drawn  to the decision of  LIC Board  To  infuse policyholders money  into almost  a   dead   organization . I D B I

Kindly  provide  answers  to the following   questions    under   R T I          

1)         As per  whose direction, instructions , mandate   LIC  Board   decided  to

  Invest   additional  43 %  stake  in I D B I

2)         What is the role of   D O F  ?

3)         Pl provide   the correspondence   between    I B D I  and  D O F

4)         Pl provide   the correspodece  between   LIC and  DOF   regarding   infusing

Huge capital   into a   dead     Bank .

5)       Pl provide  copies of  LIC Board resolution   referred to   DOF  requesting  recommending   and seeking   prior  permission  from  DOF .

6)      Who   suggested  that  LIC  should  be  targeted  to  infuse  capital  into  IDBI

7)      Is  DOF  not aware that   LIC  will be  violating  the  cap   stipulated  by  I R D AI

8)       Whether   I R D A I  was involved  in this  investment   ?   If  so  pl provide

Correspondence between  IRDAI  and  LIC and   DOF 

9)      Whether   IRDAI  approved   the 43 % additional investment  in I D B I

10)      Who was/is the official  from DOF   participated   in the   Board Meetings of   LIC

And IDBI .    Did  that official  approve  the  investment ?  Did that official

Submit any report  to DOF, If so, pl provide  copy of the   report  ?

11)      Whose responsibility it is to  infuse   capital into a defunct Bank with  NPAs ? 

12)      Pl provide  details of the  assets  held  by IDBI – Location  of  those

Assets 

What  is  the market value of the   assets   of  IDBI

13)       Whether reference  was made to  Reserve Bank of India . If so,  what is

The report  from RBI on financial  stability of  IDBI  ?

14)      Whether  Govt of India stood guarantee   for   investment . If so, provide letter from Govt

I am enclosing    Postal Order No                       dt  28-6-18  for Rs 10/  issued  by

Saidabad colony Post office,  Hyderabad 500059

Thanking u

TO

ED  RTI      LIC  OF INDIA     CO                                                                           27-6-2018

MUMBAI 400021

DEAR  SIR 

                          REG ;   LIC BOARD  RESOLUTION   TO  INVEST AND HAVE 43 % STAKE   IN  I  D B  I

                                       ===========================================================

The  attention of   38 crores  policyholders from LIC,   more than 1 lakh  employees  from LIC  and

More than 50000  pensioners , has been drawn to the press reports    on     LIC Board  Resolution

To   acquire  43 %  additional  stake  ( in addition to  existing about  11 % stake )  in I D B  I   bank  

There is an alround  anxiety , fear   and suspicion  and  dissatisfaction   of the safety of  the 

Investment .

Kindly provide    the  following  documents .

1)      (a) When was the  existing investment of  about 11 %  made in IDBI ? For  how long ? short  term

       or long term

(b) Whether LIC was receiving  returns/repayments/  as per the terms of investment   

( c ) When there  was  a further  request from I D B I  for    additional investment  ?  If so  copy of

       The   letter   along with the  Resolution of the Board  of  IDBI

        Or  WHETHER  THERE WAS  DIRECTION FROM  DEPT OF  FINANCIAL  SERVICES Ministry of

      Finance To  invest   such  a huge  amount  in  a totally bedridden , sick  and sinking  Bank ?

      If  so  copy of the  communication from DOF      

1)            Whether  the request  from IDBI  was first   referred  to the LIC Board  ? If so, when

      With copy of the office note to the LIC Board 

2)            Whether  The resolution was forwarded   to    Department of  Financial services

3)            What was the  reply  . Pl provide  copy of the  reply from D O F , MOF

4)          (a)   Whether  LIC is aware that   if  additional 43 % stake  is   acquired , it  exceeds the 

        overall limit of  50 % , as per   the  norms  fixed  by  I R D A I

   (b)    Is Exceeding   the  50 %  limit not a violation  of financial discipline   

5)        (a)    Whether    a reference  was made  to   I R D A I   before   LIC Board   considered the 

          Proposal

  (b)     Pl provide cop of the  letter to IRDAI and reply from I R D A I 

6)          Press  reports  indicate  that  I D B I  has   largest  estate/s  in  Mumbai

     Then  why   LIC  decided   to  invest   in ID B I

7)       What  is the security  offered  by  I D B I  

This application  under RTI is in Public Interest . 

I am enclosing   M R No    0901506 dt 01-01-2018   for Rs 10/  issued  by  LIC Hyderabad 

Divsisional office .

Thanking u

Yours faithfully

C S Murty               G 1 ; Viswamaatha Apts,   16-2-836/A/38 ; LIC Colony; Saidabad

                                Hyderabad  500059  

                               Mobile   09441242417                csmurty72@yahoo.com