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These regulations may be called the Insurance Regulatory and Development Authority (Scheme of Amalgamation and Transfer of General Insurance Business) Regulations, 2011. They shall come into force on the date of their publication in the official Gazette. These Regulations shall apply to all general insurance companies other than wholly owned Government companies which fall within the purview of General Insurance Business (Nationalization) Act, 1972.
In yet another major success in its fight against the problem of smuggling and circulation of Fake Indian Currency Notes into India, the officials of the Directorate of Revenue Intelligence (DRI) seized FICN having face value of Rs.1.54 Crores in what is described as one of the bigg seizures of FICN by any agency in this country.
These regulations may be called the Insurance Regulatory and Development Authority (Scheme of Amalgamation and Transfer of General Insurance Business) Regulations, 2011. They shall come into force on the date of their publication in the official Gazette.These Regulations shall apply to all general insurance companies other than wholly owned Government companies which fall within the purview of General Insurance Business (Nationalization) Act, 1972. NOTIFICATION NO. [F. NO.IRDA/REG/1/55/2011], DATED 20-5-2011
The Union Ministry of Corporate Affairs has inked an agreement with the Ministry of Economic Affairs, Agriculture and Innovation of Netherlands on Corporate Governance and Corporate Social Responsibility. The letters of Intent to this effect were signed at a function here by Shri D.K.Mittal, Secretary, Ministry of Corporate Affairs, Government of India and HE Bob Hiensch, Netherlands Ambassador to India on behalf of the Government of Netherlands. The Letter of Intent is expected to intensify the existing successful bilateral trade and investment relations between the two countries by way of ¡V
Indore Mahavidyalaya versus National Council for Teachers Education(Delhi HC)- While the learned Single Judge noticed that the office of the respondent falls within the territorial jurisdiction of this Court, yet he declined to exercise jurisdiction on the ground that on three previous occasions – including when the grievance arose vis-à-vis a previous order of the Appellate Committee, the writ petitioner approached the most convenient forum, i.e. the Madhya Pradesh High Court, it was not appropriate to entertain this writ petition in Delhi. Apart from the fact that the exercise of jurisdiction in such cases is not compulsive, discretion is also exercised having regard to the fact-circumstance in each case. In the present case, the learned Single Judge clearly adopted the forum inconvenien approach in declining to exercise jurisdiction (Ref. Kusum Ingots & Alloys v.Union of India 2004 (6) SCC 254).
Ministry of Corporate Affairs has proposed the name of former Finance Secretary Ashok Chawla as the next Chairman of the anti-trust watchdog Competition Commission of India (CCI). The Ministry of Corporate Affairs has sent Chawla’s name for ACC (Appointments Committee of Cabinet) approval, a top source in the ministry told PTI.
M/s. Sterling Agro Industries Ltd. Vs. Union of India & Ors. (Delhi High Court – Full Bench) The three-judge Bench of the Delhi High Court in this case was considering the issue of whether it would have jurisdiction over a case whose cause of action arose from an order delivered by an appellate authority which is situated in the territorial jurisdiction of the Court. After considering several case laws on the subject, the Court came to the conclusion that the matter would have to be decided by a larger bench of the High Court
NOTIFICATION NO. S.O. 1064(E), DATED 16-5-2011 – WHEREAS, M/s. Infoparks Kerala, a State Government organization, has proposed under section 3 of the Special Economic Zones Act, 2005 (28 of 2005) (hereinafter referred to as the said Act), to set up a sector specific Special Economic Zone for information technology and information technology enabled services at Villages Puthencruz and Kunnathunadu, Taluka Kunnathunadu, District Ernakulam in the State of Kerala
CIRCULAR NO. IRDA/ACT/CIR/MIS/111/05/2011, DATED 25-5-2011 – This technical note describes the framework for estimating Economic Capital (EC hereafter) for general insurance companies including standalone health insurers of India. Typically EC is calculated using “standard formula” approach or through the use of internal models (company specific models). This technical note describes the “standard formula” approach for estimating EC.
The ‘National Legal E-Library’ project of the Government is to be dedicated o the nation on 15 August 2011.Dr. M Veerappa Moily, the Minister of Law & Justice had proposed the need for the formulation of a ‘National Legal e-library’ for students and practitioners of Law on 6 December 2009, during his meeting with the vice chancellors of Law University and Colleges across India.
