Shri Devarajan Krishnan,
The point made by Mr Agnihotri , is that definition of employee in LIC Pension Rules 1995 should be deemed to be applicable where it is to be interpreted in the context of the Rules and not in the context of the definition in any other Act/rules(governing LIC employees).
But in my opinion,where certain rights are to be conferred on 'employees' of LIC without referring to any Act/concerned rules or regulations (e.g Staff Rules), by documents Iike in a Red Herrings Prospectus(RHP) for LIC IPO after it is released with SEBI clearance,in the absence of exclusion of retired employees who are pensioners,the rights thàr are available for serving employees will have also to be conferred on retirees as well.
But the unfortunate hitch for retirees is, in page 5 of the DRHP ,LIC has defined 'Eligible employees' as permanent employees of the Corporation working in India.
So the only way we can claim our right is to challenge that definition through a High Court or Supreme Court. But in the present situation of volatility in stock market arising out of Russia-Ukraine war,we have to think whether it is worthwhile to pursue the legal option..
But let us remember that LIC IPO or any other matter,we retirees drawing pension are employees of the Corporation.
Kind regards.
C H Mahadevan
On Fri, Feb 25, 2022 at 5:45 PM Devarajan Krishnan <dkrishnan1@gmail.com> wrote:
Sri CHM, Would you agree with Sri Agnihotri?DK
2 comments:
The insurance worker March 2022 Report that GIPSA sent draft notification for updation of family Pension & updaion of family Pension of LIC & GIC will be notified shortly.
The insurance worker March 2022 Reports that GIPSA has already sent draft notification to DFS for updation of family Pension. The notification of Family Pension of LIC & GIC will be issued shortly.
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