Citizens' Issues
HC enhances compensation amount for accident victim

Allowing an appeal by two sons of a woman fruit vendor, the HC said, though the deceased was aged, her sons were dependant on her and she was heading the family

Madurai: Madras High Court bench while rejecting the verdict given by Motor Vehicle Accident Compensation Tribunal enhanced compensation awarded to the accident victim's family by a lower court, reports PTI.

 

The case was related to a person aged 60, who was killed in an accident. The Tribunal has said that she would not have been in a position to earn a livelihood and would have been dependant on her sons

 

Allowing an appeal by two sons of a woman fruit vendor, who was earning around Rs3000 a month, Justice S Vimala agreed with appellant’s counsel that though the deceased was aged, her sons were dependant on her and she was heading the family.

 

"Just because the petitioners have attained majority it cannot be concluded they cannot be dependents. Maybe the nature of dependency may vary, depending upon needs of the children. But it can never be said they could not be the dependants."

 

He enhanced compensation awarded by a lower court from Rs1 lakh to Rs2.31 lakh, saying there could never be retirement age for a mother. There may be retirement from government or private service and not from household work.

 

Aged women are not accustomed to the concept of tiredness. It was common knowledge that aged parents remained the beacon light for future generations in the family.

 

The Judge said the Tribunal could take note of the fact there were old persons on wheelchairs, seen on moving trains and markets, sitting and doing business.

 

"Just because the deceased was aged the contention that she was not earning cannot be accepted. When there is escalation in costs, nobody can afford to sit and eat. In this case there is positive evidence, as contended by the appellants that their mother was engaged in fruit selling."

 

The Tribunals are not expected to turn a Nelson's eye to the private evidence and to act on whims and fancies or presumptions. This type of approach towards award of compensation would frustrate the object of legislation.

 

The Judge said considering the evidence she was earning Rs3,000 a month, deducting Rs1,000 for her personal expenses, the monthly dependency would be Rs2000. Total compensation towards loss of dependency would come to Rs2.16 lakh.

 

The lower court had awarded Rs1 lakh and directed the National Insurance Company to give it to her two sons. The balance should be paid within eight weeks.

 

The woman died on 28 January 2010 after being hit by a car. Her sons demanded compensation of Rs8 lakh, as they were completely dependent on their mother.

 

The tribunal awarded Rs1 lakh just "for loss of love and affection" No compensation was awarded under any other head.

User

Corporates cut ad budgets by 45% in FY12 says Assocham

Banking, telecom, and insurance, which account for major share of ad expenditure in India, have reduced their spending due to higher cost of borrowing and weak demand

New Delhi: Indian corporates cut their advertisement budgets by about 40-45% in 2011-12, due to high cost of credit, increased raw material prices and weak demand in domestic market, said a survey by industry body Assocham, reports PTI.

 

In its survey, industry body Assocham said sectors like banking, telecom, and insurance, which account for major share of ad expenditure in India, have reduced their spending during the last fiscal.

 

Increase in interest rates have adversely affected industry as the cost of borrowings increased, investments dried up and profit margins took a hit, it said. It added that other reasons for reduction in advertisement budget includes, increased raw material prices and weak demand in domestic and export markets.

 

Majority of nearly 500 companies, which participated in the survey, said for the quarter ended March 2012, the advertising expenses declined by 40-45% in rupee terms on a year-on-year basis, it said.
 

It also said the public sector units too have reduced their advertisement budget.

 

During better times, the survey said, automobile and FMCG sector would spend 15-20% of their total earnings on advertisements.

 

"Big companies are cutting back on big brand advertising campaigns and focusing on quick-win sales promotions, such as coupons and point of sale discounts, to win over cash-strapped consumers," it said.

 

Sectors like newspaper, magazines and TV channels are impacted because of this trend, it said.

 

User

LIC Q1 new business premium rises by 8% to Rs14,451 crore

LIC collected first premium of Rs5,236.27 crore while private sector insurers together recorded first premium collection of Rs5,000.33 crore 

New Delhi: Country's largest insurer Life Insurance Corp of India (LIC) has recorded a growth of 8.3% in new business with premium collection of Rs14,451 crore in the first quarter ended June 2012, reports PTI.

 

LIC had collected new business premium of Rs13,341.97 crore in the same period of previous fiscal.

 

During June, LIC garnered a first premium of Rs5,236.27 crore, as per data released by the Insurance Regulatory and Development Authority (IRDA).

 

Private sector taken together has recorded a marginal growth in new business with first premium collection of Rs5,000.33 crore against Rs4,940.89 crore in the first quarter of the previous fiscal.

 

As many as 23 players in the private sector collected Rs1,782 crore in the month of June.

 

The non-life insurance companies have garnered a total premium of Rs16,586.48 crore during the April-June quarter, an increase of 18% over the corresponding period last year.

 

Of these, the four public sector insurance companies have seen a 19% growth in premium income to Rs9,581.27 crore.

 

The private sector players registered a growth of 16% to Rs7,005 crore during the three month period.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)