Insurance
United India Insurance fined Rs60 lakh

IRDAI chairman TSVijayan directed United India to remit the penalty within 15 days from the date of receipt of the order

 

The Insurance Regulatory and Development Authority of India (IRDAI) has fined government-owned United India Insurance Company Ltd Rs.60 lakh for violation of regulations, it was announced on Monday.
 
In his order dated April 22, uploaded on the regulator's website on Monday, IRDAI chairman T.S.Vijayan directed United India to remit the penalty within 15 days from the date of receipt of the order.
 
He said the penalty amount should be debited to the shareholders (central government) account.
 
The IRDAI had levied a total of 58 charges against United India after an on-site inspection by it between 6-17 February, 2012.
 

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Mukesh Ambani back on top as richest Indian in Forbes list

Ambani and Shanghvi remain the only two Indians among the top 50

 

Reliance Industries chairman Mukesh Ambani on Monday regained his position as the world's richest Indian with a net worth of $19.6 billion, pushing Sun Pharmaceuticals founder Dilip Shanghvi back to the second place after seven weeks.
 
With a fall of $100.1 million in his net worth, Ambani slipped from his 39th position in the Forbes 2015 ranking to the 47th position among the world's billionaires, while Shanghvi ($19.3 billion) with a much greater loss of $474.6 million fell to the 48th position from the 44th.
 
In a 'real time' update, the US business magazine noted that Shanghvi's net worth dip was the third biggest loss among the world's billionaires in its annual rich list.
 
Ambani and Shanghvi remain the only two Indians among the top 50.
 
In the annual list released on March 2, Forbes had ranked Ambani as the richest Indian for the eighth consecutive year.
 
In the global list, Ambani with a net worth of $21 billion was ranked 39th while Shanghvi was at the 44th place with $20 billion, based on share prices and exchange rates as on February 13.
 
However, Shanghvi overtook Ambani as the richest Indian after two days on March 4 with a sharp rally in the valuation of Sun Pharma.
 
Globally, Microsoft co-founder Bill Gates continues to top the list with a current net worth of $80.3 billion, up from $79.2 billion in the annual list with Carlos Slim Helu and Warren Buffett retaining their second and third ranking, respectively.
 
According to Monday's real-time update, Ambani (47) and Shanghvi (48) are followed by Azim Premji (60), Lakshmi Mittal (85), Shiv Nadar (94), Kumar Mangalam Birla (169), Uday Kotak (200), Sunil Mittal (204), Cyrus Poonawala (220) and Gautam Adani (238) among the top 10 richest Indians.
 

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Air India shuts down 23 booking offices
India's national airline is downsizing its booking operations to bring down operating expenses and has closed down 23 such offices across India, parliament was told on Monday.
 
Minister of State for Civil Aviation Mahesh Sharma informed the Lok Sabha that Air India has closed down 23 booking offices across India, leaving 54 operational. It is also planning to reduce foreign booking offices as well.
 
The airline has arrived at this decision with a view to cutting down costs as it is plagued with a difficult financial situation, said Sharma, adding that one of the reasons is that fewer walk-in passengers book tickets at these offices and most of the bookings are being done by agents.
 
The offices shut down include those at Dehradun, Amritsar, Trichur, Udaipur, Mysore, Leh, Kanpur, Agra, Darjeeling, Surat and Allahabad.
 
Sharma said passengers can also book tickets online on the Air India website.
 
The airline shut down international booking offices in Vienna, Chittagong and Zurich in 2013-14 and offices in Tehran and Cairo are also being planned to be closed.
 
Civil Aviation Minister Ashok Gajapathi Raju said: "To maximise revenue and promote code sharing flights, there is now only a sales or representative set up at the airport at Zurich and the sales representative office at Vienna is operating from a small office space in a business centre."
 
Though Air India does not operate flights to Amsterdam, Los Angeles and Washington, it is running booking offices in these places.
 
Raju said these offices are being operated with the objective of tapping and serving Indian population, businessmen and tourists.

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