Gratuity is a Constitutional Right, L.I.C of India!

           Yesterday, I read a newspaper item in which it was reported that teachers of private schools will get Gratuity which had not been paid to them on retirement, w.r.t to those who had retired in 1997. They will get all their dues retrospectively from 1997 till date with interest as per current rates.

Private school teachers to get gratuity with effect from 1997

Dhananjay Mahapatra / TNN / Sep 1, 2022, 03:51 IST

https://timesofindia.indiatimes.com › india › articleshow

 

 

 

 

 

 

 

 

 

 

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4 days ago — India News: The Supreme Court has upheld a 2009 law entitling private school teachers gratuity, retrospectively from 1997

          Instantly I realized that the case of us resigning ex-employees of L.I.C of India is similar to that of those teachers!

         We are now very hopeful that there is light at the end of the tunnel for us. Even L.I.C started illegally and arbitrarily repudiating the wage revision arrears' payment; as well as forfeited all difference in Statutory Benefits like Gratuity and Provident Fund, w.r.t us resigning ex-employees from 1997.

          The Supreme Court's judgments to pay these payments falls on L.I.C's deaf ears, every Charter!  

           As the wise old adage goes: We can wake up those who are sleeping, but not those who are pretending to sleep!

          Let's all unite and wake up the sleeping giant and hope that realization about its cruel acts dawns on L.I.C of India as well as the Government that is a willing party to this deprivation of our Constitutional Rights. 

         The Managing Board of Directors takes this same illegal decision of repudiation in every Charter since 1997 and the Finance Ministry blindly ratifies it, in utter, wilful 'Contempt of Court' manner. 

                    In 2007, the Supreme Court had declared the Clause 3B ii as Ultra Vires!

                   That Clause was the one that mentioned about repudiation of wage revision arrears to the resigning ex-employees. The judgment of the Supreme Court clearly states that this decision is "over reach" of the Chairman of L.I.C of India. Do read the said judgment on this blog.

           We publicly appeal fervently to the Supreme Court to be a harbinger of justice and equality for us as well. 

           It must immediately order L.I.C of India as well as all public sector insurance companies where this same scenario exists, to pay us our dues with interest as per current, cumulative interest rates.

                         Let this Azaadi ka Amrit Mahotsav be true Azaadi for us as well. 

                                                         Freedom from Injustice!

                                                         SATYAMEVA JAYATE! 

 

Our freedom is at stake! L.I.C of India

         Just yesterday, India celebrated its 75th Anniversary of Independence from colonial rule. As all of us enthusiastically and proudly wished each other "Happy Independence Day", a thought struck me like a bolt from the blue.

          We, the resigning ex-employees of L.I.C of India, illegally treated like 'bonded laborers' by our ex-employer are still not free from bondage. 

          Though we had never signed any contract or agreement that we would compulsorily work for 20 years with the Corporation or forfeit our hard-earned enhanced wages due to retrospective wage-revision, we have all been made to suffer the injustice and cruelty meted out to us by L.I.C of India which has been illegally repudiating the arrears of payment arising due to Wage Revision Charters (belatedly announced by it every 5 years!) since 1st August, 1997.

          So we decry 25 years of injustice and discrimination. Silver Jubilee of high-handed, illegal and arbitrary acts by the Corporation!

         Despite a Supreme Court judgment declaring that such discrimination between 2 classes of employees is not fair and asking L.I.C of India to pay such employees their arrears, the Corporation impudently defies it; making it liable for "Contempt of Court" action.

         Even the Finance Ministry that ratifies this UNJUST AND ARBITRARY decision doesn't ask the Corporation about its impunity.

        IN REPLY TO MY R.T.I APPEALS, L.I.C OF INDIA HAS ADMITTED THAT THERE IS NO REASON ON RECORD FOR REPUDIATING THE ARREARS.

  THIS INJUSTICE IS CARRIED FORWARD IN EACH CHARTER SINCE 25 LONG YEARS!

                                         TRULY, A SORRY STATE OF AFFAIRS!

Hope the Supreme Court steps in and directs L.I.C of India to pay all our rightful dues arising due to wage revision, including difference in P.F. and Gratuity, with interest; as well as compensation for mental torture and costs for litigation/R.T.I. appeals.

Insurance sector as an investment option - Drawbacks

 

If a socially-oriented sector like Insurance is opened up for the public to invest, it is bound to be a disaster, because its embedded value is very volatile and fluctuates with every external event.

Can anyone predict with reasonable accuracy about when or where a natural calamity will strike? How many lives will it claim? How many will be disabled? How much insurance claims' payout will be done by the Corporation? 

The recent global Corona Virus - COVID 19 pandemic is a case in point.

Besides, mortality itself is variable. Actuarial estimates may also vary or be off the mark.

Most important - Why should anyone seek to make money or profit from such a noble initiative as providing insurance cover? 

Beats us! 

It makes us think that announcing L.I.C's  I.P.O was a big mistake, after all. How will the Corporation bear this loss of face, after being touted for decades, as the largest profit-making public sector enterprise in India?

Now its very credibility is at stake.

 

Lossmaking I.P.O of L.I.C of India

 https://www.ndtv.com/business/lic-2-0-flop-wipes-ipo-wealth-of-near-18-billion-more-pain-ahead-3101151

"LIC 2.0" Flop Wipes Over $18 Billion Of IPO Wealth; More Pain Ahead?

LIC IPO losses of over $18 billion is a staggering wealth wipeout.

Edited by Rahul Karunakar Updated: June 26, 2022 10:40 am IST

India's biggest-ever initial public offering (IPO) of Life Insurance Corporation (LIC), which was touted as the next phase of the country's insurance behemoth, "LIC 2.0", has flopped since tepid listing at a discount on benchmark bourses, with losses worth nearly a third in valuation.

LIC's stock fell on Friday to ₹ 661.70, down 3.2 per cent for the day, and over 30 per cent lower from its issue price of ₹ 949 per share, turning it into one of the top destructors of wealth among IPOs this year after experiencing a near $18 billion market value wipeout.

Indeed, to put the magnitude of losses in context, having plunged nearly a third in value since its May 17 debut, LIC IPO now ranks at the top in capitalisation loss since issue, starting with the discounted listing and continuous selling pressure.

That despite a mandatory lock-up period for anchor investors for the first 30 days.

While that regulatory rule was to stop anchor investors from offloading shares immediately after listing, it has not stopped the bleeding in LIC shares.

The mandatory lock-in period for 50 per cent of investments from anchor investors, or the qualified institutional buyer (QIB), ended on June 10. Still, the remaining 50 per cent of their money will be locked-in for 90 days from the listing date.

The government had said it is "concerned" about the temporary blip in LIC's scrip and that the insurer's management will look into these aspects and raise shareholders' value.

"We are very concerned about the temporary blip in LIC share price. People will take time to understand (the fundamentals of) LIC. LIC management will look into all these aspects and raise the shareholders' value," DIPAM secretary Tuhin Kanta Pandey had said earlier this month.

But what has not helped the country's insurance giant is the disappointing earnings results and a lack of communication from the firm's management on its growth strategy and plans.

Since its flop debut on the stock exchanges, the scrip has touched a new low of ₹ 650 and a high of ₹ 920 a few days after its listing, which is well below its offer price of ₹ 949.

The country's biggest insurer and the largest domestic financial investor's market capitalisation (m-cap) fell to ₹ 4.2 lakh crore on Friday, with over ₹ 1.8 lakh crore wiped out.

At the issue price of ₹ 949, the company's m-cap stood slightly over ₹ 6 lakh crore.

Rising interest rates and global inflation have hurt foreign demand for Indian shares.

With no let-up from global markets sell-off expected anytime soon and India's stock market facing unprecedented selling pressure by foreigners, more pain is in store for LIC shares.

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In the light of the above news-report, what can we, the long-suffering resigning ex-employees of L.I.C of India say, but the same; that we have been repeating all these days: 

L.I.C of India's management officials (read Managing Board of Directors) lack communication skills, transparency, empathy, integrity, expertise, foresight and judgment. 

ABOVE ALL, VALUES!

We can feel the pain of the investors whose hard-earned money has gone down L.I.C's black-hole. Just like our hard-earned arrears and difference (due to wage revision) in statutory retirement benefits.

Appalling state of affairs...

We hope that at least now, the investors will be more vigilant! 

After all, all that glitters is not gold!

 

 

 

International HR Day - Is LIC of India aware of it?

 Dear friends,

      We, request everyone 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 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 which needs a crash course in Human Resources Management/Development. Only holding seminars ad nauseum on this topic is redundant if it can't walk the talk and treat its employees fairly and graciously.

                       We finally urge L.I.C of India to walk the talk! (Read "Pay Up") ASAP.

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

SATYAMEVA JAYATE!    

P.S.  We wonder how the officials in the Managing Board of Directors of L.I.C 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 decision regarding rendering of the repudiation clause as 'ultra vires' and its verdict favoring such employees, in several cases? 

No prick of conscience?

D-Day - L.I.C of India's IPO

 

L.I.C of India is currently celebrating its Golden Jubilee of "Betrayal of the Good Faith of its Resigning Ex-employees". It has been willfully, illegally and unjustly repudiating their wage revision arrears' payments and other allied dues like difference in Statutory Payments like Gratuity, P.F. etc., since 1997. (Despite a Supreme Court judgment in 2007, favoring payments to the resigning ex-employees; the Corporation insists on repudiation! Which means "Wilful Contempt of Court" by L.I.C of India!) 

 

Today, L.I.C of India is offering its I.P.O to the public for subscription.

 

Prospective investors, think very carefully before investing!

 

Do peruse this blog for the details about the R.T.I appeals that I made against L.I.C and my harrowing struggle to get information from the Corporation. Kindly note that the Corporation hasn't answered an overwhelming majority of my well-framed questions for reasons best known to it! This, despite it being a renowned Public Authority and bound to do so under the R.T.I Act.

 

My lone crusade completes 12 long years!

And yet, the said payments are pending....

 

Clearly, L.I.C of India doesn't respect its long-serving employees. So will it respect its new shareholders?

Only time will tell....

 

Meanwhile, "FOREWARNED IS FOREARMED!"

An urgent plea to the Supreme Court of India - Wage Revision Arrears' Payment

 Source: https://timesofindia.indiatimes.com/india/sc-saves-lic-of-huge-financial-burden-ahead-of-ipo/articleshow/91137837.cms

SC saves LIC of huge financial burd ..

Read more at:
http://timesofindia.indiatimes.com/articleshow/91137837.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

      Kindly refer to the above-mentioned news item which reports that L.I.C of India has been saved by the Supreme Court; from regularizing the temporary workers who have been demanding the same through a prolonged legal process.

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      We, the long-suffering, resigning ex-employees of L.I.C of India request the Honorable Supreme Court to save us. Kindly step in and ensure that we get our legally rightful dues (repudiated wage revisions arrears' payments and difference in the Statutory Benefits - P.F. and Gratuity) from the Corporation before the I.P.O commences.

       The Corporation doesn't have any reason to repudiate our back-wages. The wages have been consistently repudiated since 1st August 1997, as per the Corporation's submission in reply to my R.T.I appeal. The repudiation itself is totally illegal as rightly observed and analyzed by the Supreme Court in its 2007 judgement; in which it has even stated that such repudiation is beyond the powers of the Chairman of the Corporation. The Chairman has decided a cut-off date for wage revision but shouldn't make a distinction between 2 classes of employees (voluntarily resigning and resigning). All resigning employees are equal in the eyes of the law. Wages are the constitutional right of all employees.

       It's interesting to note that the Corporation is responsible for the delay in implementation of the Charter hence can't make the employees who were on the salary roll of the Corporation from the effective date of wage revision; as the scapegoats in the bargain. 

         We'd like to apprise the Supreme Court that the Corporation, a premier profit-making institution, continues to include the Clause 3B ii which has been declared as Ultra Vires by the Supreme Court in its judgement dated 2007; in all its Charters for Wage Revision thereafter too. This is wilful Contempt of Court. 

                                      JUSTICE DELAYED IS JUSTICE DENIED.

       Not only does it indicate the Corporation's malafide intentions, but also its propensity to cock a snook at the Constitution and the judiciary. If it can't respect its obligations towards the sincere ex-employees who have put in long hours and years of service, how will it ever respect its obligations towards its other stake-holders in future? What's the guarantee?

       The Corporation has consistently betrayed the uberrima fides of its resigning ex-employees for more than two decades (25 years!) 

        My R.T.I Appeal itself is 11 years old! I've been fighting for our rights since 2010. All the details of my lone but determined struggle, along with scanned documents are available on this blog. Several similarly duped ex-employees (including those from the Corporations' sister concerns) have approached me and expressed willingness to join this seemingly unending fight for justice. Their comments/observations/opinions/experiences are also there on this blog, as are various judgements regarding the Corporation's cases.

        So we finally urge the Supreme Court to end our misery once for all by stepping in to grant us our legally rightful dues. It is our only HOPE!

                                                     SATYAMEVA JAYATE!

                        Meanwhile, prospective share-holders of L.I.C of India - BEWARE! 

            Who knows, you could be the next to be duped by the Corporation! God Forbid.

SC saves LIC of huge financial burd ..

Read more at:
http://timesofindia.indiatimes.com/articleshow/91137837.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

SC saves LIC of huge financial burd ..

Read more at:
http://timesofindia.indiatimes.com/articleshow/91137837.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst