{"id":251735,"date":"2021-07-26T17:30:03","date_gmt":"2021-07-26T12:00:03","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=251735"},"modified":"2021-07-26T14:31:09","modified_gmt":"2021-07-26T09:01:09","slug":"corporation-to-pay-dividend-in-proportion-to-the-amount-paid-up-on-each-share-notified-under-lic-general-regulations-2021","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/26\/corporation-to-pay-dividend-in-proportion-to-the-amount-paid-up-on-each-share-notified-under-lic-general-regulations-2021\/","title":{"rendered":"Corporation to pay dividend in proportion to the amount paid-up on each share notified under LIC General Regulations, 2021"},"content":{"rendered":"

The Life Insurance Corporation of India has notified with effect from July 22, 2021, the Life Insurance Corporation General Regulations, 2021.<\/p>\n

 <\/p>\n

The significant provisions of the regulations include:<\/p>\n

    \n
  1. The Corporation may issue securities either in physical form or in dematerialised form in accordance with the provisions of the Depositories Act and the Depositories and Participants Regulations.<\/li>\n
  2. The Corporation shall appoint a registrar to an issue or a share transfer agent and shall enter into a tripartite agreement with the registrar to an issue or the share transfer agent, as the case may be, and a depository, in respect of the securities to be issued in dematerialised form.<\/li>\n
  3. The Corporation shall issue equity shares to the Central Government in consideration for the paid-up equity capital provided by the Central Government to the Corporation.<\/li>\n
  4. Members may make nomination in the manner provided for nomination by the security holders of a company in rules made under section 72 of the Companies Act with regard to share capital and debentures.<\/li>\n
  5. The Corporation may, with the approval of the Board, make calls upon a member for further share capital in respect of any amount remaining unpaid on shares held by him and also accept from him the whole or part of such amount even if the amount has not been called up.<\/li>\n
  6. For carrying out activities in relation to transfer of securities, the Corporation shall appoint a share transfer agent or manage the transfer of securities\u2019 facility in-house.<\/li>\n
  7. The Corporation shall pay dividend in proportion to the amount paid-up on each share.<\/li>\n
  8. Contracts made on behalf of the Corporation shall be made in writing, signed by any person acting under its authority, express or implied, and may in the same manner be varied or discharged. All contracts made under this regulation shall be valid and binding on the Corporation.<\/li>\n
  9. Electronic records: Making, varying or discharging a contract, or making, varying or cancelling a nomination, or giving of notice, or maintaining a register, or executing an instrument of transfer or other document by LIC is valid if it is in form of an electronic record as defined in the Information Technology Act, 2000.<\/li>\n
  10. E-signature: A person signing a contract, a form for nomination or for the variation or cancellation thereof, register, instrument or transfer or document shall be satisfied if he affixes thereon his electronic signature as defined in the Information Technology Act, 2000.<\/li>\n<\/ol>\n

     <\/p>\n

    \n

    *Tanvi Singh, Editorial Assistant has reported this brief.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

    The Life Insurance Corporation of India has notified with effect from July 22, 2021, the Life Insurance Corporation General Regulations, 2021.   <\/p>\n","protected":false},"author":121,"featured_media":211221,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[],"class_list":["post-251735","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations"],"yoast_head":"\nCorporation to pay dividend in proportion to the amount paid-up on each share notified under LIC General Regulations, 2021 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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The provisions came into force on 27-10-2023. 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The Regulation merges SEBI (Issue & Listing of Debt Securities) Regulations, 2008 (ILDS Regulations) and SEBI (Issue & Listing of Non-Convertible Redeemable Preference Shares) Regulations, 2013 (NCRPS Regulations).\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":251635,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/23\/issuance-and-listing-of-securities-by-start-ups-smes-and-spac-notified-via-international-financial-services-centres-authority-issuance-and-listing-of-securities-regulations-2021\/","url_meta":{"origin":251735,"position":4},"title":"Issuance and listing of securities by Start-ups, SMEs and SPAC notified via International Financial Services Centres Authority (Issuance and Listing of Securities) Regulations, 2021","author":"Bhumika Indulia","date":"July 23, 2021","format":false,"excerpt":"On July 16, 2021, the International Financial Services Centres Authority makes International Financial Services Centres Authority (Issuance and Listing of Securities) Regulations, 2021. The Regulations are further divided in 13 Chapters and 184 Regulations. \u00a0 I. Applicability: The Regulations are applicable on an initial public offer of specified securities by\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":255114,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/10\/04\/deposit-insurance-and-credit-guarantee-corporation-general-amendment-regulations-2021\/","url_meta":{"origin":251735,"position":5},"title":"Deposit Insurance and Credit Guarantee Corporation General (Amendment) Regulations, 2021","author":"Bhumika Indulia","date":"October 4, 2021","format":false,"excerpt":"The Board of Deposit Insurance and Credit Guarantee Corporation, with the previous approval of the Reserve Bank of India notified Deposit Insurance and Credit Guarantee Corporation General (Amendment) Regulations, 2021 to modify\u00a0 Deposit Insurance and Credit\u00a0 Guarantee Corporation General Regulations, 1961. \u00a0 Inserted New Regulation 21A in Principal Regulations relating\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/251735","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/121"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=251735"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/251735\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/211221"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=251735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=251735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=251735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}