The spate of amendments to LIC Act include converting it from a corporation to a company, putting in place a board with independent directors in line with listing obligations, increasing the Authorised Capital to ₹ 25,000 crore divided into 2,500 crore shares of ₹10 each. Legislative changes have also been made for LIC to appoint an Audit Committee, appoint auditors, declare dividend and issue bonus shares
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