Wednesday, February 15, 2017


Today in DHC

The hearing of our cases was resumed at  3 PM. It went to up to 4.30 PM. Nidesh Gupta continued his arguments covering (1) cut off dates with a few citations, (2) accounting figures, expense ratio and the sustainability of additional funds within the allowable statutory limits and (3) some points on actuarial calculations, bonus allocation , surplus determination and life fund. The argument went on well except on the (3) which, we believe, could have been kept out of scope.

It is unfortunate that the arguments were made to go on a side track. On the (3) above, several questions and disagreements emanated from the Bench.  A simple explanation, specific and confined to, the financial capacity of LIC to meet our pension demands and redressing disparity could have served the purpose. On this, we on our part have given simple and to the point instructions to our counsels. We hope further proceedings will go on smoothly.

There were occasions for the Bench to seek clarification from LIC officers, on matters including pension fund.  A few could be clarified but not all.

Tomorrow there will be argument by AIIPA. Therefore arguments will drag on beyond tomorrow.

GN Sridharan
Gen Secy, Fed of LIC Class I Officers’ Assns

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