ICICI Lombard partners with Air India Express for travel insurance

The tie-up would enable customers to take advantage of group travel insurance facility provided by the insurer, valid for a period of 15 days or the return to India, whichever is earlier

Leading private insurer ICICI Lombard today said it has partnered Air India Express to provide travel insurance to its domestic and overseas travellers.

“This would be an exclusive tie-up, where Air India Express customers can avail travel insurance as a part of our bundle product,” its national manager (retail products and strategy) Amit Madhan said.

The tie-up would enable customers to take advantage of group travel insurance facility provided by the insurer, valid for a period of 15 days or the return to India, whichever is earlier.

“The policy will also cover pre-existing diseases in the case of life threatening situations, like heart attack, if it is proved that the hospitalisation was not planned,” he added.

The policy cover includes expenses due to accidents, loss from trip delay, loss or delay of checked-in baggage, and loss of passport.

The insurance company already has a partnership with Jet Airways, Kingfisher Airlines, Ezeego and Akbar Travels.

The overseas travel insurance market is estimated to be Rs400 crore, of which ICICI Lombard claims to enjoy a share of 15%.

ICICI Lombard, a joint venture between India’s largest private sector bank ICICI Bank, and Canadian financial company Fairfax Financial Holdings, has over 44 lakh policies with gross written premium of Rs3,694 crore.


Black money case: SC pulls up Enforcement Directorate

The Supreme Court was angered by the fact that the ED had filed a charge-sheet in the black money case involving Hassan Ali Khan without informing a high-level committee formed by the government to monitor probe in sensitive cases. The court stated that it had come to know of the charge-sheet through the newspapers two days after it was filed

New Delhi: The Supreme Court today pulled up the Enforcement Directorate (ED) for filing a charge-sheet against Pune-based stud farm owner Hassan Ali Khan in a case of alleged money laundering without informing a high-level committee formed by the government to monitor probe in sensitive cases, reports PTI.

The apex court was also anguished that during the last hearing on 4th May when the ED placed its status report on the investigation in the black money case involving Mr Khan and others it did not make a mention of the charge-sheet to be filed on 6th May before a special court in Mumbai.

“You (ED) filed the charge-sheet without placing it before the committee you have constituted and we are surprised,” a bench comprising justices B Sudershan Reddy and SS Nijjar said.

“We heard the matter on 4th May but there was no mention in the status report that the charge-sheet was ready to be filed which was filed on 6th May. You did not mention this in the status report. There was no mention of the charge-sheet.

Why it was not mentioned that the charge-sheet is to be filed?” the bench asked.

The bench also queried, “Why it was not mentioned that the investigation is complete and the charge-sheet will be filed? Two days later we read in newspapers that the charge-sheet has been filed.”

It said that the status report filed on 4th May had stated that the investigation was still going on.

The bench said it was “surprising” that the charge-sheet was not placed before the 10-member high-level committee headed by the revenue secretary.

“We thought that somebody should look into the charge-sheet. It should have been put before a committee created by the government,” the bench said.

It said the question was about monitoring the probe for which a mechanism was created by the government while opposing the setting up of special investigation team.

“We are surprised that you have suggested the mechanism and created the committee for monitoring,” the bench told Solicitor General Gopal Subramaniam.

Mr Subramaniam agreed that the charge-sheet should have been placed before the committee and said corrective measures will be ensured.

The court directed the ED to provide the copy of the over 900-page charge-sheet to the petitioners.

The court was hearing a petition filed by eminent jurist Ram Jethmalani and others seeking action for bringing back black money stashed away by Indians in banks abroad.


SC directs SEBI to proceed with probe into Sahara OFCD scheme

Judges worry that lack of understanding about the scheme among common people, could lead to them feeling cheated, as in the Harshad Mehta scam

New Delhi: The Supreme Court today asked the Securities and Exchange Board of India (SEBI) to proceed with its probe into the Sahara group’s Optionally Fully Convertible Debentures (OFCD) scheme, saying that investors might not have proper knowledge about the product and could get cheated as in the Harshad Mehta scam.

“We are of the view that on the question of OFCD, it requires the decision of (market regulator) SEBI. Let SEBI hear and pass an order,” the court said, during the hearing of a case related to the OFCDs issued by two Sahara group firms, reports PTI.

Hearing the case, a three-judge bench headed by chief justice SH Kapadia observed that the order of SEBI would not be operational till the court gives further directions on it. “The order would not apply... We want to see the order of SEBI on OFCD,” the judges said.

The court also allowed the Allahabad High Court to proceed with its hearing of a petition in which the Sahara group has challenged SEBI’s direction to produce details about its investors.

The Court also sought to know from Sahara, the law under which it was operating the OFCD scheme. The Sahara counsel tried to explain the OFCD scheme, but the judge was not satisfied and said: “Till today, I do not know what is OFCD. How can some investors know. We want SEBI to decide.”

“We want to know on what basis you were calling for investment in OFCD,” the judges said. The judges said that the scheme was meant for rural people who would not know much about it. “Investors are not aware of OFCD. At the end of the day, they would come and say that they were cheated... You know the Harshad Mehta case; same modus operandi was there. Investors were not aware of the scheme.”


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