Tuesday, 4 January 2022

L.I.C of India admits to "No reason to repudiate arrears".

          In response to my R.T.I Application's Second Appeal, the Chief Information Officer of the Western Zonal Office of L.I.C of India admitted in writing, that there is no reason on record to repudiate the arrears to the resigning ex-employees. That being the case, how can the Corporation repudiate the arrears so blithely? 

          Now, given the fact that L.I.C's I.P.O will be announced soon, it is even more shocking. Imagine an organization of L.I.C of India's stature, taking decisions arbitrarily; that too affecting thousands of ex-employees who have slogged to fill its coffers, enhance its reputation and profitability; and been literally left with a begging bowl! 

          The Corporation refuses to give answers to valid and pertinent queries put forth by the resigning ex-employees, hides/fudges statistics on flimsy, illegal and untenable pretexts, urges the ex-employees to approach courts of law for justice despite clear rulings by the Supreme Court in this regard and keeps adding insult to injury by including the same clause that has been declared as "ultra vires" by the Supreme Court, in every wage revision charter till date.

          This prompts us to believe that L.I.C of India has become too big for its boots as it flouts the Constitution, the Supreme Court's binding orders and thus, the laws of the nation. Now, only the prospective investors, auditors, vigilance agencies, the Supreme Court and our government can cut it to size by demanding the same answers that we have been demanding, to be made public.

          A word of caution to the prospective investors - BEWARE! 

          If L.I.C of India can rob us in broad daylight by depriving us of our legally rightful dues, can't it do the same to you in future?

          For the record, as per the Corporation's response to my R.T.I queries, the wage revision arrears' payments are being willfully repudiated since 1st August, 1997, that is nearly 25 years!




Interestingly, there is no grievance redressal mechanism for ex-employees in the Corporation. 

My emails regarding representation of my case, were ignored 22 times. Later, My R.T.I appeals were shunted from pillar to post. I was intimidated and threatened.  

I PUT IT ON RECORD IN MY R.T.I APPEAL. 

I EVEN CALLED L.I.C'S BLUFF DURING THE VIDEOCONFERENCING SESSION WITH THE C.P.A.I.O AND I.C. THE I.C ADMONISHED THE CONCERNED OFFICIAL.

L.I.C of India believes in insulting our hard work and dedication and is interested only in passing the buck! 

How will this attitude of the Corporation work in light of the proposed I.P.O? 

                                                         Only God can help us now!

L.I.C, remember, I am made of sterner stuff. I will never say die. 

                                                           SATYAMEVA JAYATE!
 

Sunday, 5 December 2021

Why LIC's IPO is not a good idea - An excerpt from a report in the New Indian Express

 

https://www.newindianexpress.com/opinions/2021/sep/02/why-the-lic-ipo-is-not-a-good-idea-2353009.html

Why the LIC IPO is not a good idea

In a country where only around 2% of the population access the share market, unlocking the value of a mammoth financial organisation for the purpose of retail investors will undermine...

By P Satish

                                                              An excerpt

The move to disinvest LIC will severely impact the economy and vulnerable sections of the population. The objectives of nationalisation will recede into the background and LIC will have to concentrate on delivering increasing profits to the shareholders . Like private companies,  it will have to target big policies that bring greater profits. In the process, the small-size policies that the poor, vulnerable and lower middle classes purchase will no longer be attractive. The social objective of providing insurance cover to the weaker sections will face a setback. The aim of expanding insurance in the unprofitable rural areas too will suffer. 

As per one of the 27 proposed amendments, the Centre will hold at least 75% in LIC for the first five years after the IPO, and subsequently hold at least 51% at all times after five years of the listing. Hence, it is obvious that shares in LIC may be pared down to 51% in a span of five years . The entire edifice of LIC is built on complete trust of people. So prudence is necessary before going ahead to sell equity in it.

History and present developments bear testimony to the fact that a strong LIC is sine qua non for Atmanirbhar Bharat.

P Satish
President of LIC Employees, SCZIEF (AP, Karnataka and Telangana)
(prayaga.satish@gmail.com)

                                                                 End of excerpt 

******************************************************************************

Our take on this issue:

Firstly L.I.C of India must fulfill its obligation towards us, long-suffering ex-employees who have been unjustly denied our wage revision arrears and difference in retirement dues, arising due to the wage revision since 1997. The Corporation must immediately pay us our legally rightful dues before actually listing the IPO.

We agree with the above-mentioned report that L.I.C of India must pursue its social objectives of providing affordable life insurance protection to all strata of society in India, instead of becoming a purely commercial enterprise.

We would also caution the prospective investors that they should make an informed decision, as L.I.C of India evades responsibility and doesn't provide requisite information to RTI applicants. 

Though the above-mentioned report states that:

"LIC is already a transparent and efficient board-managed institution. It comes out with public disclosures every quarter. It submits reports of its functioning every month to the regulator IRDAI. It places its accounts in Parliament for scrutiny. If this is not transparent functioning, what else is?"

We beg to differ!

L.I.C of India has evaded giving statistics regarding number of ex-employees in respect of whom arrears have been repudiated, the huge amounts involved, etc. by saying that it doesn't have this data in the form of a record. 

It has also not accounted for these amounts in its Balance Sheet since 1997! This proves that its records are not fully reliable and transparent. 

So we would also caution the prospective investors that they should make an informed decision, as L.I.C of India evades responsibility and doesn't provide requisite information to R.T.I applicants and wants to make its ex-employees run from pillar to post and be involved in time-consuming, unnecessary and expensive litigation. It doesn't respect the esteemed Supreme Court's decisions and its own ex-employees, so how can the prospective investors expect a better treatment? 

Besides, the value of shares of IPOs of the recently listed Government non-life insurance companies like New India Assurance Company Ltd. have fallen steeply, eroding investors' confidence!

 

 

Tuesday, 26 October 2021

Vigilance Week observance in LIC of India - Let's walk hand in hand!

 Dear friends, 

     L.I.C of India is as usual, celebrating the Vigilance Week from 26th October to 1st November. Again. an ad has appeared in the esteemed Times of India, with the headline "Hand in hand. Let us take a stand." 

     The preliminary body copy of the ad is filled with its usual rhetoric!

     We, request anyone who has read that ad to peruse the blog-post as carried below, to know the extent of the Corporation's malpractices as far as we resigning ex-employees are concerned. To the Corporation, we are persona non-grata!

      Today, we also take a pledge to steadfastly and vigorously pursue our case regarding illegal repudiation of our hard-earned back wages; i.e. arrears and other dues; till its logical conclusion.

      We will walk hand in hand and take a stand that L.I.C of India MUST pay all our dues immediately. We hope and pray that the Government of India supports our stand and proactively helps us in realizing all our hard-earned money with interest at the earliest. Even the prospective investors in L.I.C of India's prospective I.P.O., newly appointed law firms and statutory auditors must stress on the Managing Board of Directors to pay up; clear this long-outstanding, (unaccounted for) liability running into several crores of rupees since August, 1997 (more than two decades!) and clear the Balance Sheet of the Corporation.

     The readers are requested to peruse my earlier blog-post dated 24th January, 2021, concerning the estimate of wage revision arrears repudiated unconstitutionally, unethically and remorselessly by our ex-employer - Life Insurance Corporation of India.  

Our trust in our ex-employer L.I.C, has been betrayed, not empowered, by none other than L.I.C! So obviously, we take its rhetoric with a large pinch of salt.

                                    We finally urge L.I.C of India to walk the talk! ASAP.

The long-suffering, resigning, ex-employees of L.I.C of India!

SATYAMEVA JAYATE!    

                                                         ************************

  Blog-post dated 28th October, 2020

Dear friends,

If anyone really deserves the award for hypocrisy, it has to be LIC of India! Its advertisement in The Times of India states proudly - Vigilant India. Prosperous India. The four things listed here are corruption, criminality, dishonesty and fraud.

I would like to draw the attention of the readers of this blog to the following facts brought out due to my RTI appeal for information from LIC of India:

LIC of India does not have information to about 18 questions asked me out of my 21 questions posed to it, Even the three answered by them were incomplete and incorrect.

*LIC of India stated that the decision to repudiate arrears payment to us ex-employees who resigned before completion of 20 years of service, was taken by the Government of India.

This decision is actually taken by the Managing Board of Directors of the Corporation and the Government of India only ratifies it. (Of course, erroneously as it goes against the Supreme Court's judgment on this issue!)
I brought this fact to the notice of the Information Commissioner who agreed.
LIC of India is an autonomous body that takes its own decisions and reports them to the Government of India.

*LIC of India said that it doesn't have all the information that I asked for as the information is spread all over its offices and that I should approach each and every of the more than 2000 offices of the Corporation for my answers! Even the Information Commissioner sympathized with it and asked me to file separate appeals. 

I informed the Information Commissioner that LIC of India has all the details asked for me in its central server. It just doesn't want to divulge the information, hence is making this excuse of not having the requisite information at one place.

The height of making a false statement by the Corporation was that it didn't need these records as asked by me for its regular functioning and getting it and providing it to me would stress its resources! The Information Commissioner supported LIC's incorrect stand.

If the Corporation can ask me as an individual with meager resources; to make more than 2000 appeals and file court cases to get my dues, why can't it with so much man power at its disposal and as mandated by the RTI Act do the needful? Besides, it is lying through its teeth that it doesn't have the information. 
I will have to take 2000 and more rebirths to get answers from LIC of India to get all my answers at the rate at which LIC responds! 
It took 22 emails from me and later, an email that I would be sending a lawyer's notice that made LIC give a terse reply at last that I wouldn't be paid as per rules! 

Which rules was it talking about? The fraudulent Clause 3 1B that even the Supreme Court had long ago in 2007 struck down as ultra vires!

LIC of India has not accounted for the repudiated arrears' sums running into several crores of rupees in its Books of Accounts! What could be more fraudulent, dishonest, criminal and corrupt than this act?
If it had accounted for it, it would have divulged the information regarding number of employees who have been denied the payments and the total amounts repudiated till date from 1st August 1997.

The CPIO (Western Zonal Office) called me up from the Zonal Office's landline number and intimidated me and mockingly said that I wouldn't get any answers from LIC of India. I quote him "Asking for answers from LIC of India is like breaking your head against a brick wall. LIC will not answer any of your questions as it doesn't want to open Pandora's Box! You can file a case against the Corporation but even if you file a court case against LIC of India, you will lose the case. This RTI appeal of yours will be closed in a month!" 

He even asked me why I had asked the Information Commissioner to impose a penalty on him and LIC of India for not answering my queries within the stipulated time, as mandated by the RTI Act.

To say that his reprehensible statements were presumptuous and shocking, would be an understatement.

To add insult to injury, when I appraised the IC at the hearing about his remarks, he brazenly asked me "Have I ever spoken to you?" to which I immediately retorted, "You are lying".

The IC then asked him to be transparent in his dealings in future.

I wonder how the officials in the Managing Board of Directors of LIC of India even get sound sleep at night, after defrauding scores of resigning ex-employees of their hard-earned dues like arrears arising due to wage revision, difference in Statutory Retirement benefits like Provident Fund and Gratuity; despite the Supreme Court's verdict favoring such employees, in several cases? No prick of conscience?

Ironically, they will even take an oath of acting ethically, in their dealings as office-bearers of the Corporation, during the currently ongoing Vigilance Week! And keep including the illegal Clause in the Wage Revision Charter, every time that it is published; stipulating that such arrears are to be repudiated. By the way, this Clause was included in the 2010 and 2016 Wage Revision Charters, even after the 2007 judgement of the Supreme Court! And even approved by the Government of India!

A clear case of 'Contempt of Court'.

The Supreme court has ruled in its 2007 judgment that this offending Clause is "Ultra Vires" i.e. beyond the reach of power, of the Chairman of LIC of India.

May we persuade these officials to look up the dictionary for the equivalent of 'ethics'?
Even walk the talk? But probably that is too tall an order!

However, rest assured dear friends, the truth will ultimately prevail. We will definitely get our dues in the near future. Didn't India win her freedom after decades, nay, a century of struggle? Even if none of us is around, our descendants will reap the benefits of our crusade against LIC's injustice.

Satyameva Jayate!

Priya


Thursday, 16 September 2021

Some pertinent questions for L.I.C of India's learned lawyers

 Here are some pertinent questions that L.I.C of India's learned lawyers and the Directors on the  Managing Board of Directors of L.I.C of India must answer:


1. Do you have any conscience?

2. What would you have done if anyone had unjustly deprived you of your legally rightful dues?

3. If your children leave jobs and take up employment with new employers, will you call them deserters and humiliate them?

4. If your children are deprived of their arrears' payments by their ex-employers what would be your reaction? 

5. Would you not fight for justice for them?

6. What is your concept of loyalty? Is it just having a herd mentality, complacence, warming of seats and not even opting for a change in seat and table, department, posting to any other office of the Corporation, technical exams or promotions?

7. Have you ever introspected on why employees resign from the service of L.I.C of India?

8. Do you even read the judgments of the Supreme Court of India, pertaining to cases involving L.I.C of India and its sister concerns?

9. Do you care for the Constitution or the Constitutional rights of your employees and ex-employees?

10. Do you get sound sleep at night?

11. How will you ever face God?


Even if you don't answer these 'uncomfortable' questions publicly, please do so in private! 

It will be an excellent exercise in soul-searching.

Maybe you would transform into better individuals. 

After all, miracles do happen!

We sincerely wish you all the best.


Questions put forth by:

The long-suffering, resigning ex-employees of L.I.C of India.