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The current contractual obligation imposing the condition that the claims shall be intimated to the insurer with prescribed documents within a specified number of days is necessary for insurers for effecting various post claim activities like investigation, loss assessment, provisioning, claim settlement etc. However, this condition should not prevent settlement of genuine claims, particularly when there is delay in intimation or in submission of documents due t0 unavoidable circumstances. The insurers’ decision to reject a claim shall be based on sound logic and valid grounds. It may be noted that such limitation clause does not work in isolation and is not absolute. One needs to see the merits and good spirit of the clause, without compromising on bad claims. Rejection of claims on purely technical grounds in a mechanical fashion will result in policyholders losing confidence in the insurance industry, giving rise to excessive litigation.
DI into construction development activities in the education sector and in respect of old-age homes has been exempted from the conditionalities imposed on FDI in the construction development sector in general i.e. minimum area and built-up area requirement; minimum capitalization requirement; and lock-in period. These conditionalities perhaps posed a constraint to FDI coming into these areas since educational institutions like schools, colleges, universities etc. as well as old-age homes have their own special requirements which do not necessarily fit these conditionalities
Fraudulent payments in the Accounts of EPFO through fake cheques‑ precautionary measure to avoid fraudulent payment- reg.
The IRDA, vide Circular, dated 10-2-2011, had issued guidelines on portability of health insurance policies which was to be introduced from 1-7-2011. Subsequently, on 24-6-2011, it was felt necessary to put in place a system to enable collection of data on the history of health insurance and monitoring the transfer of records of the porting policyholder. In that context, it was decided that the implementation of portability of health insurance policies would be mandated to commence no later than 1-10-2011. In continuation of the above guidelines, the detailed procedure on health insurance portability shall be as set out in these guidelines.
SMS Tea Estates Pvt. Ltd. Vs. M/s. Chandmari Tea Co. Pvt. Ltd. (Supreme Court of India)- SC held that under the provisions of Registration Act, 1908 (‘Registration Act’) an arbitration clause can remain enforceable in certain situations even if it forms part of an unregistered (but compulsorily registrable) document. But the agreement including the arbitration clause will not be admissible as evidence in court prior to payment of deficit stamp duty and penalty as per Stamp Act, 1899 (‘Stamp Act’).
We may very often say great things about Indian Judiciary or legal system. It is true that we have had great legal luminaries, who played a very important role in our democracy defending the Fundamental Rights of the people, expanding the scope of Part-III of Indian Constitution and who played a very important role in preserving and upholding the Constitutional Principles. People with no exposure to Courts, may appreciate our legal system and Indian Judiciary when they look at the intervention of High Courts and Supreme Courts in the matters of public importance.
Union Corporate Affairs Minister Dr. M. Veerappa Moily has asked the Corporate Sector in the country to send their relevant and issue specific suggestions during the current exercise of initiatives underway in drafting the new national competition policy. The Minister was chairing the second Consultative Meeting on draft National Competition Policy at FICCI Auditorium here in New Delhi Today.
Download Full Notification Specifying Minimum Wages and Dearness Allowance w.e.f. 01.10.2011 for workers engaged in Construction Or Maintenance Of Roads Or Runways Or In Building Operations Including Laying Down Underground Electric, Wireless, Radio, Television, Telephone, Telegraph And Overseas Communication ‘Cables And Similar Other Underground Cabling Work, Electric Lines, Water Supply Lines , Sewerage Pipe Lines, Stone Mines for stone breaking, stone crushing and Agriculture
The Second round of consultations on the revised version of National Competition Policy will held tomorrow at FICCI, Federation House, Tansen Marg, New Delhi. The Union Minister for Corporate Affairs Dr. M.Veerappa Moily will chair the consultations.
The Union Minister of Communications and Information Technology, Shri Kapil Sibal has said that adequate balance needs to be maintained between needs of ‘privacy of individual’ and ‘genuine security concerns of state’ while dealing with challenges of cyber security. Delivering keynote address in the opening session of the Summit on Information and Network Security for Emerging Markets on September 20, 2011 at Helsinki, he cautioned that the cyber attacks come not only from individuals but also from rival corporate houses and rouge states.
