Vigilance Week - L.I.C of India

 In its message to all the policy-holders regarding observance of Vigilance Week, L.I.C of India states its commitment to ethics. It asks everyone to fight for rooting out corruption and take a pledge to that effect.

We, the long-suffering, resigning ex-employees of L.I.C of India request the Managing Board of Directors to take the same pledge more vigorously this year, as each year passes by without us even hearing (leave alone actually receiving) about payment of our arrears' dues which the Corporation has maliciously, illegally and unjustly repudiated!

NOT PAYING OUR LEGALLY RIGHTFUL DUES, IS CORRUPTION. IN CASE L.I.C OF INDIA DOESN'T KNOW!

EVEN NOT ACCOUNTING FOR THE REPUDIATED AMOUNTS, IS CORRUPTION AND A MALPRACTICE OF THE HIGHEST ORDER.

THUS THE CORPORATION AND  THE GOVERNMENT MUST INDULGE IN SOME SERIOUS SOUL-SEARCHING AND TAKE EFFECTIVE STEPS TO STEM THE ROT...

Hopefully then, in the current Charter this humiliation won't be imposed on the hapless resigning employees!

    In my opinion, it is not enough to just profess the COMMITMENT TO ETHICS without actually practising it. In the course of my RTI struggle to obtain information from LIC, it was amply proved that LIC has no ethics as far as its responsibility towards its resigning ex-employees is concerned.  Consider the following points:

 LIC didn't bother to reply to my registered letter for representation of my case for arrears payments, nor to my subsequent 22 emails sent for follow-up thereafter; for eight months!

LIC's CPIO(WZO) called me up on my mobile from the office number and intimidated me so that I could back off from my RTI case. He  also requested me to treat his call as "off the record". He mocked me and challenged me to file a case against LIC boasting that I would surely lose the case and that the RTI case would also be closed within 3 months.

He lied in front of the IC that he had never spoken with me, to which I retorted that he was lying. He was dumbfounded and the IC reprimanded him to be transparent in his dealings in future.

LIC expects us to approach courts for our legally rightful dues, despite a Supreme Court ruling that declares Clause 3 of the Charter to be ultra vires. This clause repudiates the arrears payable to the resigning employees.

LIC didn't answer a majority of the 21 questions in my RTI appeal. Only three questions were answered incompletely.

LIC hasn't posted my RTI details on its website as is mandated by law.

LIC has wilfully, arbitrarily and illegally deprived its resigning employees of their arrears payments and difference in retirement benefits' payments for nearly 3 decades (from 1997, to be precise!).

LIC is heartless towards its ex-employees who have served it loyally and sincerely.

LIC has avoided paying TDS to the Central Exchequer by repudiation of our wage revision arrears since two decades, thus causing the Exchequer a whopping loss of crores of rupees!

My sincere request to L.I.C of India is to examine which of the following qualities does it possess to proclaim itself as ethical in our case:

Empathy and Ethos
Trustworthiness
Honor and Honesty
Integrity
Core values, Consideration and Conscience
Soul

If even one of these is missing, it needs to do an urgent soul-searching exercise and walk the talk!
If it is indeed ethical and non-corrupt, it will immediately reimburse to all of us, our legally rightful dues.

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!"