Companies & Sectors
National Insurance 'ready' with budgetary proposal of listing in bourses
Kolkata : The National Insurance Company on Wednesday said it is "ready" if the government starts the process of listing of state-run general insurance companies in the stock exchanges.
 
"In principle, the government announced that government-owned companies would be up for listing. We are ready if they want to start the process. It's the government's call, they have to take it," chairman-cum-managing director K. Sanath Kumar said on the sidelines of an interactive session organised by MCC Chamber of Commerce & Industry.
 
"Our company is fully owned by the government. So there has never been any need for valuation so far. But for listing, we have to transform our company into a public company owned by the government. For which we have to have a valuation," he said.
 
Presenting the budget for 2016-17, union Finance Minister Arun Jaitley had announced that the general insurance companies owned by the government would be listed in the stock exchanges to promote transparency and accountability.
 
Sanath Kumar said the face value of shares needs to be brought down to attract participation of retail investors.
 
"There will be long procedures to follow and all including the brand equity should be valued. If the process starts, it usually takes about 9-10 months to be completed," he said when asked about the expected time by which the process could be completed. 
 
He also said the company has no idea when the process would start but the government could start interacting after the budget session of parliament.
 
"The government would start interacting soon. Possibly, I think it will happen after the budget session, when they will have more time to deliver on these things, perhaps."
 
However, the company is facing challenges due to shortage of qualified professionals like surveyors available in the tier II and III cities. Due to this, claim settlements get delayed sometime, he said.
 
The general insurer collected Rs.11,200 crore total premium in the 2014-15 fiscal and is expecting to cross Rs.12,000 crore this year. "We are experiencing a subdued growth," he added. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Lok Sabha passes bill to amend mines and minerals act
New Delhi : The Lok Sabha on Wednesday passed a bill to amend the mines and minerals act to allow transfer of captive mining leases not granted through auction.
 
Transfer of captive mining leases, not granted through auction, would allow mergers and acquisitions of companies and facilitate ease of doing business for companies to improve profitability, Mines and Steel Minister Narendra Singh Tomar said moving the Mines and Minerals (Development and Regulation) Amendment Bill, 2016 for passage.
 
He said the government had got representations to allow transfer of captive mining leases not granted through auction.
 
The transfer provisions will also facilitate banks and financial institutions to liquidate stressed assets where a company or its captive mining lease is mortgaged, he added.
 
The cabinet had last week given its approval to the amendment.
 
The mines ministry had sought views from the public, states and industry on suitably amending the MMDR Act.
 
The MMDR Act, passed by parliament last year, only allows transfer of mining leases in cases where the mine has been acquired through auction.
 
Tomar informed the Lok Sabha that within a year of the Act, 43 mines had been notified for auction, while another 42 would be notified for auctions in the second phase.
 
Reiterating that it would be the states only who would be responsible for transfer of mining leases, he said: "Till now 6 mines have been auctioned in three states, for which they have received royalty payment of Rs.18,146 crore."
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Railways to set up consultative committees to improve efficiency, quality
New Delhi : In a bid to improve efficiency and quality of rail services, railway users' consultative committees would be set up at various levels so that users get frequent opportunities to consult with railway administration, parliament was told on Wednesday.
 
The constitution of railway users consultative committee is provisioned with a view to securing better representation of railway users and for affording frequent opportunities for consultation between railway administrations and users for the purpose of improving the efficiency and quality of rail services, Minister of State for Railways Manoj Sinha told Lok Sabha in a written reply.
 
He said that there would be a national railway users' consultative council at the ministry level, zonal committee at the headquarters of each railway along with divisional committees at the divisional levels.
 
There is provision of suburban railway users' consultative committees on the central, western, southern, eastern and south eastern railways and station committees at selected important stations, he added. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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