JM Aboobucker: Mr ASR in his note emphasises that Sec 48 is the villain of the piece than Para 3A of Appendix IV. Though this may look correct, Sec 48 is the fountain head from which flows all powers of GOI to control its own PSU - LIC. Therefore no wonder LIC under direction from its Master will fight that situation tooth and nail. Certainly it will be next to impossible thing.
an independent initiative...