Companies & Sectors
ICICI Bank approves M.K.Sharma as non-executive chairman
The board of ICICI Bank on Tuesday approved the appointment of M.K.Sharma as the new non-executive chairman for a period of 5 years, to succeed K.V.Kamath, who has been named the first president of the BRICS New Development Bank.
 
Sharma was formerly the vice chairman of Hindustan Unilever, ICICI Bank said in a statement here.
 
"The appointment of the new non-executive chairman is subject to the prior approval of the Reserve Bank of India and would be effective July 1, 2015 or the date of receipt of RBI approval, whichever is later," the statement said.
 
Sharma was an independent director on the ICICI Bank's board from 2003 to 2011, and is an independent director of several companies including two of the bank's subsidiaries - the ICICI Lombard General Insurance Company and ICICI Prudential Asset Management Company, the statement added.

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NCDRC Says ‘Unfair’ Builder Contracts Not Binding
National Consumer Disputes Redressal Commission (NCDRC) rejected the arguments of a real estate company that provisions mutually agreed upon in a builder-buyer agreement (BBA) are sacrosanct. The apex consumer court was hearing an array of cases filed by 26 buyers who, in 2009-10, had invested in Unitech’s Vistas project. Possession of flats was not handed over as promised by December 2012—not an uncommon problem in the realty sector. Forty buyers then moved NCDRC in November 2014. Of these, cases of 26 complainants were listed for final hearing, after a series of hearings over the past six months. The Commission’s verdict, though, is still reserved.
 
“The agreement clearly mentions the developer would pay 1.8% of the amount paid as penalty, in case of delay in handing over flats,” said advocate Sunil Goel, who represented Unitech.
But NCDRC rejected the argument on grounds that it can challenge any unfair trade practice, even if there is a prior agreement between the parties. “When the buyer is made to pay 18% penalty for default, is it fair on the developer’s part to pay a mere 1.8%?” said Justice VK Jain who heard the matter.
 
Unitech’s counsel cited several factors, like economic slowdown, shortage of labour availability and scarcity of raw materials, all of which were dismissed by NCDRC. “When the company has already collected over 90% of the cost, why is it affected by the state of the economy? Most delays happen because developers transfer money collected in lieu of one project into another. This is a very common practice,” said Justice Jain.

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IRDAI Fines India First Life Insurance Rs65 Lakh
According to an order issued by IRDAI chairman, TS Vijayan, India First Life Insurance has violated norms related to payment of commissions and reporting of expenses pertaining to corporate agents.
 
IRDAI listed 48 charges on the India First Life Insurance for a range of irregularities some of which were serious in nature. These included wrongful involvement of business development managers on behalf of corporate agents, running sales campaigns for the employees of corporate agents, offering incentives, such as foreign trips, gift cards and online redemption points and faulty reporting of expenses, and file & use procedures. The company has also been warned against any future violations on many other counts, as per the order.

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