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If an arbitration agreement says that no interest would be payable for an award amount from the date when the cause of action arose and the date of the award, the court cannot order a party to pay interest, the Supreme Court clarified in the case, Sree Kamatchi Amman Constructions vs Divisional Railway Manager. In this case, the contract stated that no interest would be payable on amounts payable to the contractor.
In exercise of the powers conferred by sub-section (1) of section 29B of the Industries (Development and Regulation) Act, 1951 (65 of 1951), the Central Government, after considering the recommendations made to it by the Advisory Committee, hereby directs that the following further amendment shall be made in the notification of the Government of India in the erstwhile Ministry of Industry (Department of Industrial Development) number S.O. 477(E), dated 25 July, 1991,
The Authority is in receipt of complaints from policyholders relating to agency identification and servicing, especially when they have approached insurers directly and are serviced through an agency allotted by the insurer. In particular, there are complaints that there are instances of agency codes that are dummy, with the agent being non-existent.
During the inspection of several broker and insurers, it was found that audit trial of many transactions with regard to reinsurance placements and coinsurance was very difficult to track. The trial started going cold after the money reaches the broker and cash flows to and from the reinsurer were not available for monitoring, either with the broker or the insurer. In this context, it is becoming difficult to verify the genuineness of the placements.
For the sixth year in a row, over 4.7 crore subscribers of retirement fund manager EPFO are likely to get 8.5 per cent interest on their deposits in the current fiscal. “EPFO’s apex decision-making body, the Central Board of Trustees (CBT), is likely to fix 8.5 per cent interest for subscribers at its meeting scheduled for September 10,” a source said.
The concept of Limited Liability Partnership (LLP) in India is viewed as an alternative corporate business vehicle that provides the benefits of limited liability and also allows its members the flexibility of organizing their internal structure as a partnership based on a mutually arrived agreement. The revised Bill received the assent of the President of India on 7, January 2009.
Property statements filed by civil servants are not confidential information and can be disclosed after taking the views of concerned officials as per the provisions of the RTI Act, the Central Information Commission has held. Chief Information Commissioner Wajahat Habibullah rejected the plea of Department of Personnel and Training that these records were held “in confidence” by the government and are hence exempted from disclosure.
Insurance regulator IRDA has slapped a fine of Rs 20 lakh on Bharti Enterprises promoted life and non-life insurance ventures for not informing changes in ownership pattern. Both Bharti Axa Life Insurance Company and Bharti Axa General Insurance Company has been asked to pay a penalty of Rs 10 lakh each.
Proposal for amendment of RTI Act is under consideration in the Ministry of Personnel, Public Grievances & Pensions. The proposal under consideration includes, inter-alia, amendment to enlarge the scope of suo-motu disclosure, to discourage frivolous or vexatious representations,
Medical insurance policies offered by different insurers to policyholders are contracts of reimbursement. However, several policies under these contracts offer a cashless facility as a facility of convenience in their Preferred Provider Network (PPN) of hospitals. This PPN is dynamic and subject to change from time to time. With effect from July 1, 2010, the four public sector general insurers have withdrawn the cashless facility to certain hospitals that were previously in the PPN at Mumbai, Delhi, Chennai and Bengaluru.
