Citizens' Issues
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.

IDBI MF collects Rs115 crore from its Dynamic bond fund

“The positive response received by our NFO confirms investors’ faith in us,” said IDBI Asset Management managing director and chief executive officer, Debasish Mallick.

Asset management firm IDBI Mutual Fund said its new fund offer (NFO) IDBI
Dynamic Bond Fund has mopped up Rs115 crore. The debt scheme was open between 30 January 2012 and 14 February 2012 and has an exit load of 1% if the redemption takes place within a year. During the launch, the company was aiming for collecting a corpus of at least Rs107 crore from the issue.

“The positive response received by our NFO confirms investors’ faith in us. In the current scenario of economic uncertainties, high accruals and expectations of rate cuts, investment in debt could be viewed as a good and prudent asset allocation strategy,” IDBI Asset Management managing director and chief executive officer, Debasish Mallick said in a statement.

The scheme will invest in portfolio comprising debt instruments like government securities, PSU and corporate bonds and money market instruments. However, the asset allocation in the debt and money market instruments is not predetermined and could vary according to market conditions.

IDBI Mutual Fund, a part of IDBI Bank, commenced its operations in March 2010. It managed assets worth Rs6,101.89 crore at the end of the December 2011 quarter.


We are listening!

Solve the equation and enter in the Captcha field.

To continue

Sign Up or Sign In


To continue

Sign Up or Sign In



The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)