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INSURANCE CORPORATION OF INDIA2025-04-012026-03-31Quarterly2025-06-30EquitytruetruefalseThere was no acquisition of shares or voting rights aggregating to five percent or more of the shares or voting rights in an unlisted company during the quarter or any change in holding from the last disclosure made under sub para 1 of para A part A of Schedule III of SEBI LODR 2015 exceeding two per cent of the total shareholding or voting rights in the said unlisted company.truetruetrueTop 500 listed entitiestrueCOMZ00153OriginaltruefalseMrRamaswamy Narayanan******10337640Executive DirectorChairpersonCEO-MD1965-09-04falseActiveNA2023-10-012031MrMaruthi Prasad Tangirala******03609968Non-Executive - Nominee DirectorNot Applicable1965-07-25falseActiveNA2023-01-052025-04-173010Tenure CompletionMsArumugam Manimekhalai******08411575Non-Executive - Independent DirectorNot Applicable1966-03-04falseActiveNo2022-09-052025-06-0334.32132OthersMsVinita Kumari******10093690Non-Executive - Independent DirectorNot Applicable1981-03-01falseActiveNA2023-03-2427.631122MrHitesh Rameshchandra Joshi******09322218Executive DirectorNot Applicable1968-09-19falseActiveNA2024-07-092030MsRadhika Seetharaman Chinnadaraduram******10703999Executive DirectorNot Applicable1965-06-24falseActiveNA2024-07-122025-06-301000Tenure CompletionMrManoj Muttahil Ayyappan******10733238Non-Executive - Nominee DirectorNot Applicable1974-10-03falseActiveNA2025-04-172030 Composition of Human Resource Committee: 1. Ms. Vinita Kumari (DIN- 10093690), Non-Executive Independent Director - Chairperson 2. Shri Ramaswamy Narayanan (DIN - 10337640), Executive Director - Member 3. Shri Hitesh Joshi (DIN - 09322218), Executive Director - Member Notes : 1. Mr. Maruthi Prasad Tangirala (DIN -03609968), Non-Executive Nominee Director ceased to be member of the Ethics Committee w.e.f. 17-04-2025. 2. Ms. Arumugam Manimekhalai (DIN - 08411575), Non-Executive Independent Director ceased to be member of the Ethics Committee w.e.f. 30-06-2025. 3. Ms. Radhika Seetharaman Chinnadaraduram (DIN - 10703999), Executive Director ceased to be member of the Ethics Committee w.e.f. 30-06-2025. 4. Ms. Arumugam Manimekhalai (DIN - 08411575), Non-Executive Independent Director ceased to be Chairperson & member of the Human Resource Committee w.e.f. 03-06-2025. 5. Ms. Radhika Seetharaman Chinnadaraduram (DIN - 10703999), Executive Director ceased to be member of the Human Resource Committee w.e.f. 30-06-2025. 6. Ms. Vinita Kumari (DIN- 10093690), Non-Executive Independent Director appointed as Chairperson & member of the Human Resource Committee w.e.f. 03-06-2025.truetruetruetruetrueAudit Committee08411575Arumugam ManimekhalaiNon-Executive - Independent DirectorChairperson2022-09-302025-06-03Audit Committee10093690Vinita KumariNon-Executive - Independent DirectorChairperson2023-05-11Ms. Vinita Kumari, existing member of the Audit Committee was appointed as the chairperson of the Committee w.e.f. 03-06-2025.Audit Committee09322218Hitesh Rameshchandra JoshiExecutive DirectorMember2025-03-21Audit Committee10733238Manoj Muttahil AyyappanNon-Executive - Nominee DirectorMember2025-06-03Nomination and remuneration committee08411575Arumugam ManimekhalaiNon-Executive - Independent DirectorChairperson2022-09-302025-06-03Nomination and remuneration committee10093690Vinita KumariNon-Executive - Independent DirectorChairperson2023-05-11Ms. Vinita Kumari, existing member of the Nomination and Remuneration Committee was appointed as the chairperson of the Committee w.e.f. 03-06-2025.Nomination and remuneration committee03609968Maruthi Prasad TangiralaNon-Executive - Nominee DirectorMember2023-01-302025-04-17Nomination and remuneration committee10733238Manoj Muttahil AyyappanNon-Executive - Nominee DirectorMember2025-04-17Nomination and remuneration committee10337640Ramaswamy NarayananExecutive DirectorMember2025-06-03Stakeholders Relationship Committee08411575Arumugam ManimekhalaiNon-Executive - Independent DirectorChairperson2022-09-302025-06-03Stakeholders Relationship Committee10093690Vinita KumariNon-Executive - Independent DirectorChairperson2023-05-11Ms. Vinita Kumari, existing member of the Stakeholders Relationship Committee, was appointed as the Chairperson of the Committee w.e.f. 03-06-2025.Stakeholders Relationship Committee09322218Hitesh Rameshchandra JoshiExecutive DirectorMember2025-06-03Stakeholders Relationship Committee10337640Ramaswamy NarayananExecutive DirectorMember2023-10-01Risk Management Committee10093690Vinita KumariNon-Executive - Independent DirectorChairperson2025-03-21Risk Management Committee10337640Ramaswamy NarayananExecutive DirectorMember2023-10-01Risk Management Committee08411575Arumugam ManimekhalaiNon-Executive - Independent DirectorMember2022-09-302025-06-03Risk Management Committee09322218Hitesh Rameshchandra JoshiExecutive DirectorMember2024-08-09Risk Management Committee10703999Radhika Seetharaman ChinnadaraduramExecutive DirectorMember2024-08-092025-06-30Risk Management Committee10733238Manoj Muttahil AyyappanNon-Executive - Nominee DirectorMember2025-06-03Risk Management Committee99999999Balkrishna VariarChief Financial OfficerMember2024-07-15Mr. Balkrishna Variar, CFO being a non-board member, DIN is not applicable.Risk Management Committee99999999Jayashri BalkrishnaChief Risk OfficerMember2024-07-15Ms. Jayashri Balkrishna, CRO being a non-board member, DIN is not applicable.Risk Management Committee99999999Sateesh BhatAppointed Actuary (Non-life)Member2024-07-15Mr. Sateesh Bhat, appointed actuary (non-life) being a non-board member, DIN is not applicable.Risk Management Committee99999999Suresh SindhiAppointed Actuary (Life)Member2024-07-15Mr. Suresh Sindhi, appointed actuary (life) being a non-board member, DIN is not applicable.Corporate Social Responsibility Committee10337640Ramaswamy NarayananExecutive DirectorChairperson2023-10-01Corporate Social Responsibility Committee08411575Arumugam ManimekhalaiNon-Executive - Independent DirectorMember2022-09-302025-06-03Corporate Social Responsibility Committee10093690Vinita KumariNon-Executive - Independent DirectorMember2023-05-11Corporate Social Responsibility Committee09322218Hitesh Rameshchandra JoshiExecutive DirectorMember2024-08-09Corporate Social Responsibility Committee10703999Radhika Seetharaman ChinnadaraduramExecutive DirectorMember2024-08-092025-06-30Other Committee10337640Ramaswamy NarayananInvestment CommitteeExecutive DirectorChairpersonOther Committee08411575Arumugam ManimekhalaiInvestment CommitteeNon-Executive - Independent DirectorMemberCeased w.e.f. 03-06-2025Other Committee10733238Manoj Muttahil AyyappanInvestment CommitteeNon-Executive - Nominee DirectorMemberAppointed as member w.e.f. 03-06-2025.Other Committee10093690Vinita KumariInvestment CommitteeNon-Executive - Independent DirectorMemberOther Committee09322218Hitesh Rameshchandra JoshiInvestment CommitteeExecutive DirectorMemberOther Committee10703999Radhika Seetharaman ChinnadaraduramInvestment CommitteeExecutive DirectorMemberCeased w.e.f. 30-06-2025Other Committee10337640Ramaswamy NarayananEthics CommitteeExecutive DirectorChairpersonOther Committee10733238Manoj Muttahil AyyappanEthics CommitteeNon-Executive - Nominee DirectorMemberAppointed as member w.e.f. 17-04-2025 Other Committee09322218Hitesh Rameshchandra JoshiEthics CommitteeExecutive DirectorMemberOther Committee10093690Vinita KumariEthics CommitteeNon-Executive - Independent DirectorMemberAppointed as member w.e.f. 03-06-2025. 2025-01-08true7622025-02-0325true7622025-04-3085true6512025-05-2625true651Audit Committee2025-01-08true3220Audit Committee2025-02-0325true3330Audit Committee2025-05-26111true3320Risk Management Committee2025-02-03true6524Risk Management Committee2025-05-26111true5413Corporate Social Responsibility Committee2025-01-08true6520Corporate Social Responsibility Committee2025-02-0325true6520Corporate Social Responsibility Committee2025-05-26111true5410Nomination and remuneration committee2025-01-08true3210Nomination and remuneration committee2025-04-30111true3320Stakeholders Relationship Committee2025-01-08true4320Other Committee2025-02-0325Investment Committeetrue6520Other Committee2025-04-3085Investment Committeetrue5410Other Committee2025-05-2625Investment Committeetrue5410falsefalsefalsetrueYestruetruetrueWith reference to Point No. 1, 2 and 3 of the Affirmations, we inform that the Corporation being a Government of India Company, the appointment of Directors on the Board is done by the Government of India through Ministry of Finance, as per the Articles of Association of the Corporation. The Corporation has already requested the Ministry of Finance for appointment of Directors and has been following up in this respect. Presently, there is only one Independent Director on the Board. The Corporation and its Directors and Officers have taken all efforts and steps in this respect. Said matter is pending with Ministry of Finance. Reference to Point No. 8 of the Affirmations, we would like to submit that the Corporate Governance Report pertaining to previous quarter has been placed before the Board at its meeting held on 26-05-2025. The Corporate Governance Report pertaining to quarter ended 30-06-2025 will be placed as applicable. Satheesh KumarCompany Secretary and Compliance OfficerfalseSatheesh KumarCompany Secretary and Compliance OfficerMumbai2025-08-0101100The Corporation being a Government of India Company, the appointment of Director on the Board is done by the Government of India through Ministry of Finance, as per the Articles of Association of the Corporation. Corporation has already requested the Ministry of Finance for appointment of Directors and has been following up in this respect. The Corporation and its Directors and Officers have taken all efforts and steps in this respect. Said matter is pending with Ministry of Finance. In light of this, a request has been made to both Stock Exchanges to waive the fine imposed for not having the required number of Directors on the Board.National Stock Exchange of India LimitedCommunication of fine levied for non-compliance with regulation 17 (1) of SEBI LODR, 20152025-05-29Fine levied by National Stock Exchange of India Limited during quarter ended June 2025 for non-compliance under Regulation 17(1) of SEBI (LODR) Regulations pertaining to composition of Board for quarter ended 31.03.2025. The fine is imposed for a period of 90 days i.e. for 01.01.2025 to 31.03.2025.Rs. 5,31,000/- (incl. GST)BSE LimitedCommunication of fine levied for non-compliance with regulation 17 (1) of SEBI LODR, 20152025-05-29Fine levied by BSE Limited during quarter ended June 2025 for non-compliance under Regulation 17(1) of SEBI (LODR) Regulations pertaining to composition of Board for quarter ended 31.03.2025. The fine is imposed for a period of 90 days i.e. for 01.01.2025 to 31.03.2025.Rs. 5,31,000/- (incl. GST)Deputy Commercial Tax Officer, Anna Salai, ChennaiDemand of tax liability amounting to INR 1,41,226/-, interest INR 91,514/- & penalty 20,000/-2025-05-06Claim of ineligible ITC (Tax officer has mis-classified rental payment as insurance premium payment)NIL impact, we have filed our reply with the necessary documentsCIT-1, Mumbai2012-10-23Appeal is filed by Income Tax Department and Case admitted at High Court at 23-10-2012Pending at High Court, MumbaiCIT-1, Mumbai2013-02-25Appeal is filed by Income Tax Department and Case admitted at High Court at 25-02-2013Pending at High Court, MumbaiCIT-1, Mumbai2013-03-05Appeal is filed by Income Tax Department and Case admitted at High Court at 05-03-2013Pending at High Court, MumbaiCIT-1, Mumbai2014-11-15Appeal is filed by Income Tax Department and Case admitted at High Court at 15-11-2014Pending at High Court, MumbaiCIT-1, Mumbai2017-02-28Appeal is filed by Income Tax Department and Case admitted at High Court at 28-02-2017Pending at High Court, MumbaiPCIT(3), Mumbai2022-03-07Income tax department has filed an appeal before Hon'ble Bombay High Court on 07-03-2022 and the same is pending for admission.Pending at High Court, MumbaiACIT CIT 3(1)(1), Mumbai2023-01-03Initial appeal was filed by GIC on 23-03-2019 at CIT(A) level and then Income tax department had filed appeal against CIT(A) order at ITAT level on 03-01-2023Pending at Income Tax Appellate Tribunal, MumbaiACIT CIT 3(1)(2), Mumbai2019-03-23Appeal is filed by the Corporation on 23-03-2019 against order under sec 143(3) r.w.s 147 dtd 23-02-2019Pending at CIT(A)-8 MumbaiACIT CIT 3(1)(1), Mumbai2022-01-25Initially appeal was filed by GIC at CIT(A) level on 14.06.2019 against order under section 143(3) r.w.s 144C(3) dated 30-05-2019 .Subsequently, Appeal was filed by Income Tax Department aginst CIT(A)order on 25-01-2022 and same is pending at ITAT level.Pending at Income Tax Appellate Tribunal, MumbaiIncome Tax Dept Circle 3(1)(2)2021-11-30Appeal is filed by the Corporation on 30.11.2021 against order under 143(3) r.w.s 144C(3) dated 26-11-2021Pending at CIT(A)-NFAC levelIncome Tax Dept Circle 3(1)(1)2023-12-05Appeal is filed by the Corporation on 05.12.2023 against order under 143(3) r.w.s 144C dated 29.11.2023Pending at CIT(A)-NFAC levelADIT-CPC2024-03-05Appeal is filed by the Corporation on 05-03-2024 against order 143(3) rws 144C dated 24-02-2024Pending at CIT(A)-NFAC levelAssessment Unit, Income Tax department2025-06-12Appeal is filed by the Corporation on 12-06-2025 against order 143(3) rws 144C dated 16-05-2025Pending at CIT(A)-NFAC levelCBIC - GST Dept2016-10-19Adjudicating Authority has confirmed the demand. GIC Re has filed the appeal before Honourable CESTAT Mumbai.Pending at CESTAT. Section 130 of Finance Act 2025 introduced retrospective amendment to grant exemption for service tax on exempt agriculture premium - we plan to pursue case with CESTAT to dismiss demandCBIC - GST Dept2019-10-18Adjudicating Authority has confirmed the demand. GIC Re has filed the appeal before Honourable CESTAT Mumbai.Pending at CESTATCBIC - GST Dept2020-01-16Adjudicating Authority has confirmed the demand. GIC Re has filed the appeal before Honourable CESTAT Mumbai.Pending at CESTAT. Section 130 of Finance Act 2025 introduced retrospective amendment to grant exemption for service tax on exempt agriculture premium - we plan to pursue case with CESTAT to dismiss demand