* CHRONICLE - PENSIONERS CONVERGE HERE, DISCUSS ISSUES OF THEIR CHOICE * CHRONICLE - WHERE EVEN CHAT COLUMN PRODUCES GREAT DISCUSSIONS * CHRONICLE - WHERE MUSIC IS RISING IN CRESCENDO !

Sunday, July 24, 2016

Chat column Comments on LIC's Amended Affidavit


23 Jul 16, 02:46 PM

JM Aboobucker: The much awaited LIC's Amended and Detailed Affidavit has come out and as expected LIC justifies the method of 40% IR calculation as per 3(A). Could we have the observation of Mr CHM on this.

23 Jul 16, 03:35 PM

C H Mahadevan: The revised Affidavit is on the expected lines. Now it has to be countered at the Delhi HC suitably.

23 Jul 16, 06:19 PM


parasuramLIC has not taken into the upgradation component prescribed under board resolution in arriving at the TR figure. But it is for the legal experts to see whether the board resolution would alone be sufficient to support the argument for upgradation. The order of 31/03/2016 has analysed all these matters and fortunately not closed the case. It is for the case managers not to go off track and take full opportunity given by SC

23 Jul 16, 08:16 PM

C H Mahadevan: Now Board Resolution is only a document in the bunch of Writ Petitions. For IR purposes,para 27 of the SC Order dt 31/3/2016 is paramount. For arguments on upgradation the Board Resolution can be used as one of the documents in our favour. But that alone will not suffice.

23 Jul 16, 09:17 PM

R.S.SUBRAMANIAN: The affidavit is on the expected lines only. Now it becomes the duty of our case managers to prove that the calculations are wrong and they have not taken the fixation benefit for calculation. Also we have to prove to the court that even if fixation benefit is taken into account it will not cost much and we have to prove what is the exact volume to be required for the above.