“This award underlines the transparency in our process of financial reporting, which is crucial in enhancing the credibility the company enjoys amongst the various stakeholders:” R.Sridhar, managing director of Shriram Transport Finance Company Ltd.
The Institute of Chartered Accountants of India have adjudged Shriram Transport Finance Company Ltd as the winner under the Category V-Financial Services Sector (other than Banking and Insurance) of the ‘ICAI Awards for Financial Reporting’.
The awardees have been selected by a panel of judges on review of accounting practices adopted by the participating enterprises in the preparation of financial statements and the policies adopted for disclosure and presentation of financial statements and other information in the annual reports without regard to their financial condition and operating performance. The award was handed over at a glittering ceremony which was held on 6 January 2012 at the Chennai Trade Centre in Chennai, after the inaugural ceremony of the International Conference on ‘Accountancy Profession: Leveraging Emerging Challenges for Inclusive Growth’.
On being chosen as the winner in their respective category, Mr R.Sridhar, managing director of Shriram Transport Finance Company Ltd. said “This award underlines the transparency in our process of financial reporting, which is crucial in enhancing the credibility the company enjoys amongst the various stakeholders. The team at Shriram Transport Finance feels privileged to have been chosen as the winner amongst highly competitive and esteemed nominees in terms of financial reporting by the very notable Institute of Chartered Accountants of India.”
Shriram Transport Finance Company Limited is the flagship company of the Shriram group. It has PAN India presence with 496 branch offices. Based at Mumbai, it manages assets of over Rs38,000 crore and has a live customer base exceeding 8,00,000.
In the late afternoon, Shriram Transport Finance was trading at around Rs503.25 per share on the Bombay Stock Exchange, 1.03% up from the previous close.
Axis Constant Maturity 10 Year Fund - new fund offer closes 24 January 2012.
Axis Mutual Fund has launched Axis Constant Maturity 10 Year Fund, an open-ended gilt scheme.
The objective of the scheme is to generate returns similar to that of 10 year government bonds.
The minimum investment amount is Rs5000. The new fund offer closes 24 January 2012.
Crisil 10-year Gilt Index is the benchmark for the scheme. R Sivakumar is the fund manager for the scheme.
Commercial vehicles denied insurance cover will come under the declined pool, where liabilities will be shared by all general insurance companies.
Insurance regulator IRDA today set up a 5-member committee to oversee the functioning of a pool proposed for third party insurance of commercial vehicles, which have been declined cover due to their high risk profile. Commercial vehicles denied insurance cover will come under the declined pool, where liabilities will be shared by all general insurance companies.
While dismantling the common pool used by insurers to settle accident claims, the regulator had said that an Indian Third Party Motor Declined Risk Insurance Pool for commercial vehicles will come in existence from April 1. The declined risk pool for commercial vehicles is being created to ensure equitable and fair sharing by all insurers and also to bring in efficiency in claim management.
IRDA's Head of Department (non-life) is the Member Convenor of the committee. Other members are Head of Department (Actuarial), Representative from Pool Administrator, Anurag Rastogi (from Bajaj Allianz General Insurance) and I Victor Amaldas (New India Assurance). The committee will have a term of two years. The pool will apply to commercial vehicles for standalone third party liability insurance and not for other insurance claims.
Third-party insurance cover protects the vehicle owner from any financial liability in case of damage to life or property in an accident to the third person.