The bench resumed post lunch around 2.25 pm with dictating of order of case concluded before lunch. Delayed resumption by the bench and associating it with their meeting with AG during lunch is far fetched. The bench expressed their intent to hear all Petitioners in chain rather than truncated hearing. The bench is determined to take the case to a logical conclusion and fast too. LICs Counsel as usual in the past, wanted a longer date but the bench didn't accede.
When things are not happening the way we desire, frustration is bound to come but we should not let our morale go low. There are many positives which one can observe in the live streaming.
Have patience as displayed in past when long dates were given by bench because they lacked intent to dispose, but not this bench.
Let's have some more patience to bear.
-Ranjan Dey Sarkar
Gen Secretary
2 comments:
I have no vested interest in repeating what i commented on your previous message in this blog. i just want posthumous win of late KMLA who had courage to fight against powers by not pleading a crucial point before SC on 8.10.25. I presume that LIC/GOI may argue through powerful AG that annuities for thousands of crores had to be purchased to grant arrears of pension upgradation/future enhanced pension to the detriment of policy holders for reduced bonus which may affect the existence of LIC. So I feel Nidesh Gupta should argue that GOI which posses 7 to 15 lakh crores of windfall profit by means of 96.5% shares+ Dividends for 68 years got+ Brand value of one lakh crores by different methods of calculation should reimburse pension fund for short fall as per actuarial report with LIC/GOI to purchase annuities from it. Other counsels mayor may not bring this point before the bench. It will take just a minute to plead before the bench. If Nidesh included this point in his 3 page note or pleadings of 3+ hrs. Ignore this comment. Thanks for reading.
GOI already got Rs 6000 crores of windfall profit from IPO by selling 3.5% shares of LIC for Rs.21000 crores. The initial investment of Rs.5 crores in 1956 cumulatively for 69 years at 12 % CAGR which is the return of stock markets in India for the last 78 years amounts to Rs.15000 crores as on this day.
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