Citizens' Issues
Indian wine for Canadian connoisseurs

The aim of the event is to introduce Indian wines in Canada and also to facilitate interaction between the wine makers, consumers, traders and government authorities

The government is finally taking the wine business seriously. In the coming week, a wide variety of Indian wines will be displayed at multi-brand Indian show in Canada. This is being done to introduce and promote Indian wines and food along with establishing businesses opportunities in the North American country.

Jagdish Holkar, chairman, Indian Grape Processing Board (IGPB) told Moneylife, “The idea is to promote the pairing of Indian wine and Indian food in Canada. The theme for the event is—‘Wine and Biryani’—wherein brands of various Indian wines would be showcased. This would be followed by a tasting session and grand gala dinner. The event is being organised by the Indian ministry of commerce in association with the High Commission of Canada in India. The event is scheduled on 13th and 14th March in Ottawa, Canada.”

Mr Holkar adds, “Officials from both the countries would be present. The aim of the event is to introduce Indian wines in Canada and also to facilitate interaction between the wine makers, consumers, traders and government authorities. Participants would be introduced to the Indian wine making procedure, the vine culture, etc.”

According to Mr Holkar, who is also attending the event, around 15 Indian wine companies, such as Sula, Four Season, Flamingo, and Valle de Vin, among others will be participating in the event.

Experts point out that the presence of a sizeable Indian diaspora in Canada is key factors thus making it a promising market for Indian wines. “There is huge Indian population in Canada. People in Canada are lot more aware of Indian food with many Indian restaurants. Conducting such programs is a step forward. The Canadian market has good potential for Indian made wines,” says an official associated Mumbai-based wine exporter.

Industry observers have welcomed such efforts taken by the government to promote Indian wines in the international market as well as creating its awareness domestically. For instance, the Karnataka Wine Board is hosting “Karnataka Wine Festival”, from 2dn to 4th March. The aim is to bring wine lovers and makers together. A session on wine appreciation and wine education are also the part of the festival. Wineries, both domestic and international are participating in the event. Karnataka is the second largest state in India, after Maharashtra, in wine production with around 14 wineries.


Needed: A longer guest list for Kingfisher bash for wooing Twitter critics

Nasty tweets continue against Kingfisher the day after the party held to mollify critics on Twitter

Mumbai Mirror reported that Kingfisher had thrown a party last night for its harshest critics on Twitter. However, the day after, the flood of sarcastic tweets continue unabated.

Kingfisher’s attempt at wooing its critics went well last night, as was said in the news report. Impressed by the show at Bonobo and the performances (and assuming the drinks were on the house), the twitterati had been benevolent with their posts then. However, judging by the barrage of tweets that continue against Kingfisher Airlines and its owner, it appears that the King of Good Times should have compiled a longer guest list; preferably including common passengers and citizens.

“IndiGo’s airhostess’ wig budget is more than Kingfisher’s profits,” said a tweet today. Another micro-blogger is enthusiastic having spotted a Kingfisher flight on the runway, which she feels is as rare as an UFO sighting. Another said, “What’s the similarity between Team India and Kingfisher Airlines? As of now, nobody is sure when the return flight will take off.”

The most popular one-liner, however, seems to be, “If you love someone set them free. If they go, it was never meant to be. If they return, they probably booked a ticket on Kingfisher Airlines.”

Many angry passengers have tweeted about being delayed because their flights have been cancelled while others have turned caustic. “Everyone blames Mallya that his flights are delayed. Nobody remembers that his calendars are always on time.”

Citizens have expressed disgust with the Directorate General of Civil Aviation (DGCA) approving Kingfisher’s revised schedule. “Will the heavens fall if Kingfisher Airlines is banned? Why should we save this loss-making company?” asks an incensed citizen. Others seem to be fuming that banks are bailing out Kingfisher but cannot spare money for poor farmers.

All this, coupled with reports of Kingfisher ground staff in Delhi going on strike in protest of non-payment of salaries, has ensured that the afterglow from last night’s party has dimmed. But Dr Mallya is not without friends. Kingfisher beer has apparently trumped other brands, and some accounts are continuously boasting the fact and praising Dr Mallya’s brand.

Maybe, as a member of the twitteratti suggests, Kingfisher should now use its beer for flying.



Nagesh Kini FCA

5 years ago

I'm no twitteratti.
Referring to the 'most popular one liner quoted by you "If you love someone... " is it the passengers or the staff or the hapless lending bankers?
The DGCA like all its sister Regulators proven to be toothless tiger that can neither roar nor bite.
The King of Good times goes on.God alone knows how long.

Sahara Life Insurance clarifies on investment issues raised by IRDA

Sahara Life Insurance had several investment issues but IRDA has not pressed charges after getting clarifications from the insurer. Sahara Life Insurance needs to make several changes to comply with the regulations

The Insurance Regulatory and Development Authority (IRDA) had many observations on investment related issues with Sahara Life Insurance, promoted by Subrata Roy’s Sahara Group. IRDA has not pressed charges after getting clarifications from the insurance company.

There were three violations for which penalty of Rs12 lakh was imposed and several other violations which were let off. Read the first part: Sahara Life Insurance caught for multiple violations; penalised for a mere Rs12 lakh.

Here are more issues which are mostly to do with investments. These were discussed by IRDA with the insurance company:

  •   Grace period of 90 days allowed in case of policies with group billing instead of 30 days.
    Decision: The insurer while admitting the mistake submitted that they have done this to ease the administrative issues and remittance delays in policies with group billing and in no way adversely affected policyholder. The insurer has been directed to strictly adhere to the “file and use” procedure.
  •  Premium quotations in group schemes are not seen or approved by Appointed Actuary.
    Decision: The premium quotations in group schemes are as per approved premium rates of the authority under “File & Use”, it still needed to be approved by appointed actuary. The insurer has been directed to strictly adhere to “the file and use” procedure.
  •   Delay in delivery of policy documents to customers.
    Decision:  The observed cases clearly reveal the negligence of the insurer in delivery of the policy that violates provision of IRDA. The insurer is also directed to adhere strictly to the Protection of Policyholders’ Regulations.
  • Wrong categorization of securities (below AA rating) as government securities.
    Decision: The insurer’s submission that securities below AA rating have been categorized as other approved securities as they are guaranteed by the state governments is considered and the charge is not pressed.
  • The investment in debentures issued against the security of negative line on the assets and mortgage property of the company, without financial analysis and risk analysis.
    Decision: The insurer’s submission that financial and risk analysis is done on portfolio level periodically is considered and the charge is not pressed.
  •  Substantial investment exposure in a single mutual fund exceeding the stipulated maximum exposure of ULIP fund.
    Decision: The insurer submitted that their present system is not able to classify mutual funds into approved investments and other investments automatically which led to only categorization error and confirmed that the exposure limits as specified in Regulations are not breached. The insurer has been advised to put in place the required systems as mandated and confirm.
  •  Not having proper systems to control and value the investments. Being done manually in excel sheets.
    Decision: The insurer’s submission that it has already implemented Treasury Management Software and that their Investments are operated from Mumbai, hence the software could not be shown to the inspection team which visited the Lucknow office is considered.
  •  NAV declared deviates from what is defined in ULIP guidelines as expenses incurred in purchase/sale of securities on a specific day not being included.
    Decision: The insurer has submitted that the expenses incurred in purchase/sale of securities are included as appropriation and expropriation charges on any day when such transactions are there. NAV calculation is fully automated system. It has also submitted that in many types of transactions no transaction charges are applicable such as mutual funds, FDs and even some debt deals. The submissions of the insurer have been accepted and the charges are not pressed.
  •  Declaration of good health (DGH) not collected under a group product—Sahara Jamakarta Samooh Bima.
    Decision: The insurer’s confirmation that the DGH is collected as it is part of the membership form of the Group Policy Holder is considered and the charge is not pressed.
  •   Payment other than commission to corporate agents
    Decision: The insurer’s submission that this was payment for publicity expenses on behalf of the insurer and a one-off instance is considered and the charge is not pressed.
  •  The insurer allowed Sahara group companies to sell insurance without a license.
    Decision: The insurer’s submission that the specified person of corporate agent Sahara India only is selling the policies and CMSD, the group company just helps them to find the prospective clients is considered and the charge is not pressed.
  •   Delay in calling for requirements in new business proposals.
    Decision: Taking into account the fact that it is an isolated instance, a lenient view is taken and the charge is not pressed.



Vikas Gupta

5 years ago

All Sahara Companies & their employees are totally Unethical in practices. I myself have experienced Branch Manager of Sahara India Financial, Rohtak Mr. Pandey is a corrupt person. His Regional Manager & higher Management are also the part of Visicious Nexus.

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