Insurance Bill is likely to be taken up for discussion in the Rajya Sabha on Monday
The Rajya Sabha is likely to take up on Monday the Insurance Bill, which seeks to hike foreign investment cap in the sector to 49% with a rider that management control remains with Indian promoters.
The Bill, which was listed in the Rajya Sabha agenda on Thursday, could not be taken up for discussion as the Opposition wanted more time to go through the amendments. The government has proposed as many as 97 amendments to the original Bill.
Finance Minister, Arun Jaitley, in the Budget 2014-15 speech had said that the insurance sector was investment starved and there was a need to increase the composite cap in the sector to 49%, with full Indian management and control, through the FIPB route.
Once approved by Parliament, it would help insurers to get the much needed capital from overseas partners.
Last week, the Cabinet gave a go-ahead to hike the foreign direct investment (FDI) cap in insurance sector to 49% with a rider that management control will remain in the hands of Indian promoters.
The approval to hike the FDI limit from the current 26%, a proposal which has been pending since 2008, is expected to attract long-term capital, besides improving the overall investment climate.
Bank of Baroda's CMD Mundra assumed charge as RBI's deputy governor, a position that was lying vacant since April when Dr Chakraborty vacated office
SS Mundra, the chairman & managing director (CMD) of Bank of Baroda (BoB), took over as the new Deputy Governor of Reserve Bank of India (RBI) for a three-year term, on Thursday.
RBI has four deputy governors, but since April when Dr KC Chakraborty demitted office, the position of the fourth deputy governor was vacant.
Following Mr Mundra's appointment, RBI now has four Deputy Governors. Of the four deputy governors, two are selected from outside RBI, while the other two are from within. Of the two outsiders, one is a commercial banker and the other an economist. Earlier in July, the central bank extended Deputy Governor HR Khan's term by two years. The other two deputy governors are Urjit Patel and R Gandhi.
Mr Mundra took charge as chairman and managing director of BoB in January 2013. Prior to his elevation, he was the executive director of Union Bank of India since 2010.
Born on 18 July 1954, Mr Mundra holds a Masters Degree in Commerce and is a Certified Associate of the Indian Institute of Banking & Finance (CAIIB). He started his career as a probationary officer with Bank of Baroda in 1977 and has more than three decades of experience in the sector.
Mr Mundra has also held key leadership positions such as the zonal head of the Maharashtra & Goa zone. He was also the chief executive of Bank of Baroda’s UK operations for three years.
The case has proved to be a tough nut to crack, especially for Sahara with a number of Senior Advocates like Ram Jethmalani and Aryama Sundaram, withdrawing from the case midway
Senior Advocate Rajeev Dhavan will no longer appear for Subrata Roy in the SEBI-Sahara dispute before the Supreme Court. He has been replaced by Senior Advocate KTS Tulsi, who becomes one in the long list of senior lawyers engaged by the Sahara group.
Dhavan's exit is particularly interesting given the fact that he has been the most vociferous of all the lawyers engaged by Sahara. Engaging in heated discussion with the Bench almost to the point of telling them off, Dhavan's belligerence had been a subject of debate and controversy in the corridors of Supreme Court.
After Roy was sent to jail, Dhavan had very strongly come down upon Justices KS Radhakrishnan and JS Khehar for their alleged “terribly terribly wrong” order. During one such hearing, Dhavan had gone to the extent of remarking that, “Respect is a matter of court discipline. If I were to meet you outside the court, it might be different.”
During another hearing, Dhavan, while arguing in his inimitable, slow style, was asked to wrap up his arguments and not to repeat what the other lawyers had argued. An infuriated Dhavan had replied that he will argue till he is done and that the judges will have to give him audience.
Things did not end there. Dhavan also made an appearance during the contempt proceedings against the lawyer, who had smeared ink on Subrata Roy's face. When the hearing was over, Dhavan interfered and asked the judges to pass an order in the Habeas Corpus petition urgently on the ground that Roy was finding it difficult to bear the summer heat in jail. The judges were confounded by this act and had left the courtroom without a word.
The Court, on its part, had responded very strongly in its judgement in the Habeas Corpus petition by criticising Dhavan and Jethmalani for their “psychological offensives, mind games, affronts, jibes and consciously planned snubs” against the Bench.
It would seem that the final nail in the coffin was the dialogue, which Dhavan had with Justice Thakur after the Court turned down Roy's request for a forty-day parole. Dhavan could not digest certain remarks by Justice Thakur and had objected to what he perceived as Justice Thakur “making fun of him.” The unprecedented incident had left those present in the courtroom perplexed.
Subsequently, it was learnt that Dhavan had been replaced by Tulsi.
The SEBI-Sahara case has proved to be a tough nut to crack with a number of Senior Advocates withdrawing from the case midway; Ram Jethmalani and Aryama Sundaram are two such examples.
The following lawyers have appeared for Sahara till date:
(1) Ram Jethmalani
(2) Aryama Sundaram
(3) Rajeev Dhavan
(4) S Ganesh
(5) Fali Nariman
(6) Ravi Shankar Prasad
(7) Gopal Subramanium
(8) Rakesh Dwivedi
(9) PH Parekh
(11) KTS Tulsi
(12) UU Lalit
SEBI has been represented all along by Senior Advocate Arvind Datar along with Advocate Pratap Venugopal from KJ John & Co.
(Image of Rajeev Dhavan taken from here )