Dear Sri Asthana,
I understand that LIC's Application for withdrawal of 20% of the amount deposited in Rajasthan High Court (Jaipur Bench Registry) is coming up for hearing on Thursday 30 July 2015. I am sure you have a notice of the same.
From the mails being circulated it looks that you do not propose to oppose the Application and you would like it to be allowed by the High Court.
I have read your logic and your analysis which suggests that LIC would withdraw 20% but that is not for payment. According to you, payment shall be from its own funds because what is payable including up-gradation is much more than 20% being withdrawn. Talking of specific numbers, LIC deposited in Jaipur Rs.19,63,638/-(in three instalments spread over TWO YEARS between Dec 2011 and Nov 2013. (correct me if I am wrong).
According to Mr Mahadevan's rough calculations the total amount payable to the Jaipur Petitioners up to that date, was about Rs.2,18,18,200. What was deposited was therefore about 9% of the amount payable including up-gradation. Now poor LIC wants to withdraw Rs.3,92,727.60p to pay 21 of your petitioners, who are pre-Aug 97 retirees @ Rs.18,701 per pensioner on an average.
If 20% including up-gradation works out to Rs43,63,640/- which is payable to your Petitioners, do you think LIC will use the withdrawn sum of Rs 3.93 lakhs and add Rs.39,70,913/-
ARE YOU SURE YOU WANT TO ALLOW LIC TO PLAY THIS FOUL GAME?
On the contrary if you oppose the application and get it rejected, what will LIC do? Can it keep quiet till 23 Sep 2015? Can't we do anything in the meantime to expose LIC before the Supreme Court?
LIC's successful withdrawal and payment of Rs.3,92,727/- to the eligible Petitioners, would mean disaster to the Pensioner community.
Please reconsider your decision in the interests of LIC Pensioners as a whole. And if you wish to oppose the withdrawal request, the unassailable argument is:
Supreme Court gave six weeks to pay. That time is over long ago. If the application to withdraw 20% is allowed now, it amounts to HC relaxing the conditions stipulated by the Apex Court, which it cannot. Highlight that point and let the Court either reject the application or keep it pending with a direction to LIC to secure extension of time from the Supreme Court.
M Sreenivasa Murty
30.07.2015
