Retirement
Birla Sun Life launches new pension plan

BSLI Empower offers customers a choice to select the premium amount, vesting date and risk profile

 

Mumbai: Birla Sun Life Insurance has launched a new pension plan, BSLI Empower, which would help customers accumulate their premiums and the investment returns into a corpus for their retirement needs, reports PTI.

 

The plan offers customers a choice to select the premium amount, vesting date and risk profile, the private sector insurer said.

 

The premium accumulated till the vesting period will be invested in equity or debt depending on the risk appetite of the customer. After the customers decide to vest their policy, they would enter the “income phase”, where the corpus will be used to purchase annuity to ensure a stream of regular income payable for the rest of their lives.

 

The plan offers guaranteed additions from the sixth policy anniversary onwards. The corpus would be managed by BSLI based on the customer’s chosen vesting date and risk profile to meet their retirement objectives.

 

The company is a joint venture between Aditya Birla Group and Sun Life Financial, Canada-based international financial services organisation.

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ITC to invest Rs1,000 crore in food, consumer goods sector

ITC got possession of 39 acres at Panchla in Howrah district where it would build an integrated food and consumer goods facility and would invest Rs1,000 crore in the foods and consumer goods segment in the state over two-three years

 

Kolkata: Cigarettes-to-hotels conglomerate ITC said it will invest Rs1,000 crore in food and consumer goods sector in the next two to three years, reports PTI.

 

The company got the possession of 39 acres last week at Panchla in Howrah district where it would build an integrated food and consumer goods facility, an ITC spokesperson said, adding that it will invest Rs1,000 crore in the foods and consumer goods segment in the state over two-three years.

 

The land was given by the West Bengal Industrial Infrastructure Development Corporation.

 

ITC had already got a parcel of 18 acres at Uluberia in Howrah district where a similar integrated facility would commence. the spokesperson said, adding that both the facilities would be carried out simultaneously and were likely to be operational in the next two years.

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SEBI slaps Rs4 lakh fine on former promoter of Metroglobal

Raj Investments had reduced its stake in Global Boards (now Metroglobal) by 11.87% in 2005 but failed to make the mandatory disclosures

 

Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has imposed Rs4 lakh in penalty on Raj Investments, a former promoter firm of Global Boards (now Metroglobal), for violations of various disclosure norms, reports PTI.

 

Raj Investments had reduced its stake in the company by 11.87% in 2005 but failed to make the mandatory disclosures.

 

In its order dated 18th January, SEBI slapped a fine of Rs2 lakh on Raj Investments for not disclosing the reduction in its shareholding/voting rights in Global Boards to the company within four working days.

 

Besides, SEBI imposed another Rs2 lakh on the entity, as being a promoter it was required to disclose the number and percentage of shares held by it to Global Boards within 21 days from the closing of the financial year, as well as the record date of the company for the purposes of declaration of dividend.

 

“...hereby impose a consolidated monetary penalty of Rs4 lakh on the noticee, namely Raj Investments, for violation of Regulation...” SEBI said.

 

A probe by SEBI had found that Raj Investments had reduced its shareholding in Global Boards from 2.30 crore shares, representing 30.87% stake as on quarter ended March 2005, to 1.42 crore amounting to 19% stake as on quarter ended September 2005.

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