Insurance
Reliance Life gets watchdog's nod for Nippon Life stake hike
Mumbai : Reliance Capital has secured the nod from Competition Commission of India for its Japanese partner to hike its stake in the life insurance arm to 49 percent with further investment of Rs.2,265 crore ($350 million), a company statement said on Thursday.
 
The tranaction with Nippon Life, is expected to peg the valuation of Reliance Life Insurance at around at Rs.10,000 crore (nearly $1.5 billion). In line with the shareholding structure, the name of the company is also being changed to Reliance Nippon Life Insurance Company.
 
Once this transaction concludes, the Japanese insurer would have invested Rs.8,630 crore ($1.3 billion) for a 49-percent stake each in Reliance Capital's life insurance and asset management companies -- among the largest foreign investments in India's financial services sector.
 
Laast month, Reliance Life Insurance had announced a market share of 4 percent in the private sector in terms of new business premium. This segment was worth Rs.285 crore for the quarter ended December 31, while renewal premium was of the order of Rs.706 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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Siachen survivor Hanumanthappa Koppad passes away
Hanumanthappa Koppad had served in difficult and challenging areas for 10 out of 13 years of his total service 
 
Lance Naik Hanamanthappa Koppad, the sole survivor in the Siachen mishap passed away at 11.45am on Thursday. He was battling for life after being buried under ice for six days in the Siachen glacier even as the entire nation was praying for his recovery.
 
Koppad was found from under 35 feet of ice at an avalanche-hit army post in the Siachen glacier in Jammu and Kashmir -- six days after he and nine other soldiers were buried. The bodies of the other nine have been found.
 
More than a day after the soldier was admitted, the Army Research and Referral Hospital in New Delhi had said in Wednesday evening that his condition had worsened "despite aggressive therapy and supportive care".
 
"He continues to remain extremely critical with evidence of oxygen deprivation to the brain on CT scan. There is evidence of pneumonia in both lungs. His multi-organ dysfunction state continues unabated. His condition has deteriorated despite aggressive therapy and supportive care," a medical bulletin issued on Wednesday had said.
 
Koppad was on ventilator in the ICU at the hospital, where he was admitted on Tuesday. 
 
Doctors treating the soldier, whose survival was being seen as a miracle, included top critical care specialists, head of the department of medicine, senior nephrologists and neurologists from the army hospital as well as the All India Institute of Medical Sciences.
 
Koppad and the other soldiers were hit by the avalanche at an altitude of around 20,500 feet.
 
He was found miraculously alive just when the rescuers were beginning to lose hope. The soldier was found conscious but drowsy and disoriented. He was also severely dehydrated and in shock.
 
He had pneumonia and was suffering from liver and kidney dysfunction. But there was no cold exposure related frost bite or bone injuries.
 
Prime Minister Narendra Modi went to the hospital after he was brought to Delhi on Tuesday. So did Defence Minister Manohar Parrikar.
 
On Wednesday, Congress president Sonia Gandhi wrote to Koppad's mother Basavva and wished him speedy recovery and a long life.
 
Koppad had served in difficult and challenging areas for 10 out of 13 years of his total service.
 
His postings include Mahore in Jammu and Kashmir from 2003 to 2006, where he was actively involved in counter-insurgency operations.
 
He again volunteered to serve with the 54 Rashtriya Rifles (Madras) in Jammu and Kashmir from 2008 to 2010, and later in the northeast from 2010 to 2012 where he took part in operations against the NDFB and ULFA.
 
He was serving in the high-altitude areas of Siachen glacier from August 2015.

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Headley admits to getting terror funds from LeT, ISI
Mumbai : The Lashkar-e-Taiba terrorist-turned-approver David Coleman Headley here on Thursday revealed he received terror funds, which included counterfeit currency, from both the LeT and Pakistan's ISI which was used for carrying out terror-related activity in India.
 
Continuing his deposition via video-conferencing from a US jail before Special TADA Court Judge G.A. Sanap, Headley said that the funds came through both Major Iqbal of Pakistan's Inter Service Intelligence and his main contact in LeT Sajid Mir, besides his LeT associate, medico Tahawwur Rana, currently undergoing a 14-year jail in the US.
 
Rana had given an amount of around Rs.67,605 in October 2006, followed by $500 the next month (November 2006), another Rs.17,636 that month-end, and in December 2006, $1,000.
 
Besides, Headley said he had received $25,000 before he left for India, another Pakistani Rs.40,000 from Sajid Mir and Indian Rs.2000 from Major Iqbal that year, in January 2008, LeT's Major Pasha gave Rs.80,000 while Major Iqbal gave another Rs.1,500.
 
During questioning by Special Public Prosecutor Ujjwal Nikam, he said on one or two occasions, Major Iqbal had also given him counterfeit currency notes.
 
Headley said Rana had visited Mumbai before the 26/11 terror attacks and was advised to leave for his own safety before they were actually executed.
 
Earlier, Headley told the Mumbai Special TADA Court that the Reserve Bank of India had rejected his application seeking clearance to open a business account in June 2007.
 
Making this revelation, Headley said he had received funds for terror from both LeT and Pakistan's ISI which was used for gathering intelligence and other works in India, including starting a business.
 
With this funding, Headley said, he opened an office in south Mumbai's Tardeo area on September 14, 2006 and the following month, on October 12, 2006, he even applied to Reserve Bank of India for permission to open a business account.
 
Interestingly, his visa consultant in Chicago, Raymond Sanders - who had earlier assisted him in procuring an Indian visa with false information - also helped him in the RBI formality, but the country's apex bank rejected the application on June 1, 2007.
 
In January 2007, hoping to launch a business in India, Headley had hired an office in Tardeo A/C Market for Rs.13,500 per month and named his landlord as Vora and Maroo Bharucha who was his secretary at the office.
 
The opening of office and application to open a business bank account were in consonance with the earlier plans by his handlers who wanted him to start a business in India.
 
Thursday's deposition was in continuation of the evidence which he recorded since Monday, with a day's interruption on Wednesday owing to a technical glitch in the videolink.
 
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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