Max Life Insurance will distribute Rs130 crore as ‘First Ever Special Bonus’ for policyholders. For the eligible policies, the longer the policyholder has been with the company, the higher will be the percentage of the special bonus
New Delhi: Max Life Insurance announced a “one-time” special bonus to all its active policyholders who have participating policies issued on, or before, 31 December 2005, according to a press release from the company. The special bonus will be paid at the respective policy anniversaries commencing 1 February 2013. The special bonus would be calculated as a percentage of the annual premium paid. For the eligible policies, the longer the policyholder has been with the company, the higher will be the percentage of the special bonus.
Rajesh Sud, CEO & managing director, Max Life Insurance said, “Max Life Insurance has experienced robust and profitable growth. We wanted to share the result of this improved performance with our loyal policyholders in the form of special bonus. The older the eligible policy, the higher the special one-time bonus it will be eligible for. We will continue delivering true value to our policyholders by focusing on long-term savings and protection.”
All the policies which were issued on, or before, 31 December 2005 and are active at the time of their policy anniversaries falling due in the 12-month period from 1 February 2013 and 31 January 2014, will be eligible for the special one-time bonus. During this period, if there is a reinstatement which causes the policy to become active, that policy would also be eligible for special one-time bonus. Policies that have been surrendered will not be eligible for this special bonus.
Over 2.6 lakh policyholders would receive payments ranging from 100% to 20% of their annual premiums, irrespective of the premium term or the policy term of the policy. The total payout is estimated to be around Rs130 crore
The special one-time bonus payment would be made through cheque irrespective of the bonus option chosen by policyholder.
Under the consent agreement signed by Rajaratnam, he would pay a total of $1.45 million, which includes $1.3 million in disgorgement and about $147,000 in prejudgment interest
New York: Jailed hedge-fund founder Raj Rajaratnam has agreed to pay $1.45 million to settle a civil lawsuit filed by US regulator SEC against him and India-born former Goldman Sachs director Rajat Gupta for their roles in one of the largest insider-trading schemes in US history, reports PTI.
55-year-old Rajaratnam, Galleon Group’s Sri Lanka-born co-founder, has also agreed to waive his right to appeal this judgement, court papers showed.
US district judge Jed Rakoff approved the final judgement in the Securities and Exchange Commission’s (SEC) case against Rajaratnam, who is serving 11 years in prison for insider trading, and 64-year-old Gupta.
Under the consent agreement signed by Rajaratnam earlier this month, he would pay a total of $1.45 million, which includes $1.3 million in disgorgement and about $147,000 in prejudgment interest.
Rajaratnam has been ordered to pay the amount within 90 days.
The final judgement in the SEC’s case orders Rajaratnam to disgorge his share of the profits gained and losses avoided as a result of the insider trading as well as the prejudgment interest on that amount.
The SEC’s claims against Gupta remain pending.
The US regulator had filed its complaint in October 2011, alleging that Gupta had passed on to Rajaratnam confidential information he had learned as Goldman board member about Berkshire Hathaway's $5 billion investment in the financial giant in September 2008, as well as about Goldman's financial results for the second and fourth quarter of 2008.
Rajaratnam used the information he learned from Gupta to trade profitably in certain Galleon hedge funds.
Chairman-designate Cyrus Mistry, who made a visit to Bombay House on Friday, will on Saturday take charge of the new assignment, sources in Tata Sons said
Ratan Tata, an iconic corporate leader, retired as chairman of the Tata Group after a 50-year run Friday but kept away from office on his last day at the helm of one of country’s oldest business empires, reports PTI.
Tata, who turned 75 on Friday, is in Pune for his birthday, sources at Bombay House, headquarters of the salt-to-software conglomerate, told PTI, adding there was no clarity on whether he would visit his office later in the day.
Chairman-designate Cyrus Mistry, who made a visit to Bombay House on Friday, will on Saturday take charge of the new assignment, sources in Tata Sons said.
Mistry was groomed for the assignment by Tata for a year.
The group had earlier announced that he has been appointed chairman with effect from Saturday.
Mistry chose the group company Tata Motors entry-level sedan Indigo Manza to travel to work on the important day, marking an end to an era.
The narrow lane leading to Bombay House, one of the oldest buildings in the heritage Fort area of south Mumbai, has heavy media presence since Friday morning in anticipation of Tata visiting Bombay House.
Ratan Tata, who helmed the group for 21 years after being chosen successor by his uncle, the iconic JRD Tata, in 1991, is credited with transforming the group through bold decisions including large global acquisitions, even as some of its peers struggled to stay relevant post economic liberalisation.
Mistry, who has been with the group since 2006 in various capacities, hails from the Shapoorji Pallonji family, the largest private share holder of the group's holding company Tata Sons.
Born on 4 July 1968, Cyrus Mistry completed his graduation in civil engineering from London's Imperial College of Science, Technology and Medicine and followed it up with masters in Management from the London Business School.
He was chosen by a five-member panel last year to succeed Ratan Tata.
During Ratan Tata’s tenure, the group’s revenues grew manifold, totalling $100.09 billion (around Rs475,721 crore) in 2011-12 from a turnover of a mere Rs10,000 crore in 1991.
Tata led the group into some notable acquisitions, starting from Tetley by Tata Tea for $450 million in 2000, to steelmaker Corus by Tata Steel in 2007 for 6.2 billion pounds and the landmark Jaguar LandRover in 2008 for $2.3 billion by Tata Motors.
Courtesy the acquisitions, over half of the salt-to-software group's revenues are derived from outside the country.
Not limiting himself to big-ticket acquisitions, Tata also displayed sensitivity to the needs of the burgeoning middle class with the launch of the Rs1 lakh Nano battling the odds in West Bengal.
The group was forced to shift the project from Singur, where he was invited by Marxist chief minister Buddhadeb Bhattacharya, to Sanand in Gujarat at the invitation of Narendra Modi.
Although the Nano could not live up to the expectations after its initial worldwide acclaim, the small car will still be remembered as Tata’s desire to provide a ‘safer’ option to many Indian lower-middle class families riding two-wheelers.
In a recent interview to PTI, Tata has said that Singur was a “great disappointment” because he went there “in a leap of faith” thinking that part of the country was being ignored industrially. Tatas will still go to West Bengal someday, he has said.
Under Tata, the group also made great strides when it capitalised on the sunrise industry of information technology in the 90s. With revenues of over $10 billion in 2011-12, Tata Consultancy Services (TCS) is today India’s largest IT company, ahead of giants in the field like Infosys and Wipro.
On his post-retirement plans, Tata, a bachelor, has said he will spend time on technology which is quite a passion with him. He will brush up on his piano, which he learnt as a school boy and pursue flying, apart from his focus on philanthropic activities.