Invaluable Lessons

One of the reasons for rejection, or partial settlement, of health insurance claims is ‘decision avoidance’. The insurance staff simply does not want to not be answerable. Borderline cases are rejected. It is unbelievable, but true, that an investigation agency hired by an insurer made up fake documents as ‘indisputable’ proof that the person had HIV, to reject his widow’s claim. Your recourse in such a situation is the office of the insurance ombudsman.

 

The Mumbai ombudsman, AK Dasgupta who handles the largest number of complaints in India, explained why the 90-day time limit to resolve a case is not adhered to in many case. In Mumbai, he has managed to clear the backlog of cases pending since 2009-10. He did this with the cooperation of insurance companies who agreed to re-look at pending cases and settle those that did not need a hearing. An extremely intense, introspective interaction with Mr Dasgupta has many learnings that form the core of our Cover Story.

 

Is the venture-funded madness here to stay? Predatory pricing by online retailers, like Flipchart and Snapdeal, led to a hue and cry by several stakeholders. While their aim is to drive traffic to their websites by offering products below cost, the big question is: What happens when the losses pile up? Sucheta writes on the questionable business practices of e-commerce sites in her Different Strokes section.

 

It may be a long time before we see strong financial regulation. In her Crosshairs section, Sucheta comments on the new task forces and whether any good will come of them for financial consumers. On a related note, the department of banking and financial services is looking to legitimise select multi-level marketing schemes. This certainly raises some questions, writes Sucheta in a companion piece.

 

As the festive season draws near, the Moneylife Team wishes you and your family a very Happy Diwali and Prosperous Samvat year!! Hope you have already availed our exciting festive season offers from: goo.gl/2zvSMn

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September car sales flat; commercial vehicles on upswing

While two-wheelers maintained their growth in September, domestic car sales remain muted owing to the 15-days shraddha period after Ganesh visarjan

 

September 2014 turned out to be a good month, especially for commercial vehicle sales and three-wheelers. While two-wheelers maintained their growth, domestic car sales remain muted owing to the 15-days shraddha period between Ganapati visarjan and Navratri.

 

According to data released by the Society of Indian Automobile Manufacturers (SIAM), domestic passenger car sales declined 1.03% to 1.55 lakh units in September from 1.56 lakh units in the year-ago month. Motorcycle sales rose 19.34% to 10.57 lakh units from 8.85 lakh in September 2013.

 

Goods carrier from both medium and heavy commercial vehicle (MHCV) segment as well as three wheelers witnessed strong sales in September. While sales for goods carrier in MHCV rose 28% to 16,512 units, the same in three wheeler category was up 13% to 8,919 units compared with a year ago period.

 

Sales of light commercial vehicles (LCVs) rose 8.59% to 56,140 units in September, SIAM said. The total two-wheeler sales in September rose 23.81% to 15.67 lakh units.

 

Vehicle sales across categories registered an increase of 20.44% to 19.04 lakh units from 15.81 lakh units in September 2013, the industry body said.

 

 

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Coalgate Scam: Court summons former secretary HC Gupta, others

The special court issued summons to Gupta, two other serving government officials, Kamal Sponge Steel and Power, its managing director Pavan Ahluwalia and senior official Amit Goyal

 

A special court on Monday rejected the closure report of Central Bureau of Investigation (CBI) and summoned as accused former Secretary for Coal HC Gupta, two government servants, Madhya Pradesh (MP)-based Kamal Sponge Steel and Power Ltd and its officials in a coal blocks allocation scam case.

 

Special Judge Bharat Parashar took cognisance of the offences of criminal conspiracy, cheating and criminal breach of trust by public servant under the IPC and under the provisions of the Prevention of Corruption Act.

 

"I am taking cognisance for the offences under sections 120B, 420 and 409 of the IPC and also under sections 13(1)(d) and 13(2) of the Prevention of Corruption Act. I am summoning the accused," the judge said, adding that a separate order will be followed.

 

The court issued summons to Gupta, two other serving government officials, Kamal Sponge Steel and Power, its managing director Pavan Ahluwalia and senior official Amit Goyal and directed them to appear before it on 31st October.

 

The court directed the investigating officer to get the summons served to all the accused and also asked him to complete the documents to be given to the accused before the next date of hearing (October 31).

 

The court passed the order while rejecting the closure report filed by CBI in the case in which Kamal Sponge Steel and Power Ltd, its directors, Pavan, Kamaljeet Ahluwalia, Prashant Ahluwalia, Amit and some unknown government servants were named as accused for allegedly misrepresenting facts, including inflated net worth, to acquire coal blocks.

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