Query on Regulation 7(2) of LIC of India General Regulations 2021

I have sent a mail to ED(Personnel) as forwarded.

C H Mahadevan

---------- Forwarded message ----------
From: Colinjivadi Mahadevan <chmahadevan@gmail.com>
Date: Saturday, July 24, 2021
Subject: Query on Regulation 7(2) of LIC of India General Regulations 2021
To: "ed_personnel@licindia.com" <ed_personnel@licindia.com>, "co_personnel@licindia.com" <co_personnel@licindia.com>


 To

The Executive Director(Personnel),

LIC of India,

Mumbai

Dear Sir,

                                                         Re: Share Capital of LIC- Issue of Shares

The Section 7(2) of the Life Insurance Corporation of India General Regulations 2021 notified in the Gazette on 22/7/2021 reads  as under:

"7……

(2) The Corporation may from time to time increase its issued share capital, with the previous approval of the Central Government, by way of public issue or rights issue or preferential allotment or private placement or issue of bonus shares to existing members holding equity shares, or by issue of shares to employees pursuant to share based employee benefits schemes, or by issue of shares to life insurance policyholders of the Corporation, or otherwise, in accordance with the provisions of section 5."

Rule 2(j) of LIC(Employees) Pension Rules 1995 defines. 'employee' as follows:

"2…

j) "employee" means any person employed in the service of the Corporation on full-time work on permanent basis and who opts and is governed by these rules but does not include an employee retired before the commencement of these rules and who is drawing pension from the Pension Fund of the Oriental Government Security Life Assurance Company Limited in accordance with sub-regulation(2) of regulation 76 of the Life Insurance Corporation of India (Staff) Regulations, 1960, made under the Act;……."

Kindly confirm  that for the purpose of issue of equity shares pursuant to share based employee benefit schemes as stated in Regulation 7(2) above, all the retired employees covered by LIC Pension Rules 1995 will also  be deemed to be employees under the said Regulation.

I shall be grateful to have  your confirmation,as I want to be assured of the same treatment as a retired employee as will be extended to serving employees of the Corporation.

Thanking You.

C H Mahadevan

Executive Director(LIC)(Retd)