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being withdrawn.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 Rs 43,63,640/- 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you think LIC will use the withdrawn sum of Rs 3.93 lakhs and add Rs.39,70,913/-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