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Corporate Law : IRDAI directs insurers to submit SCNs within 7 days, additional documents within 3 days, and clear pending requests within 30 days...
Various benches of the high court have taken different stands on the issue of relationship between the employer and such workers. SC framed three questions for the larger bench. The first and main one is “whether a person who is employed by a contractor who undertakes contracts for the execution of any of the whole of the work or any part of the work which is ordinarily work of the undertaking is an employee under the Act?”
the ld. Magistrate viewed that imposition of a fine payable as compensation to the Appellant was sufficient to meet the ends of justice in the instant case. The High Court confirmed the order of the ld. Magistrate, with an increased fine — the Supreme Court held no interference with the order of the High Court, except to the extent of increasing the amount of compensation payable by a further sum of Rs.2 lakhs — appeal partly allowed.
The Authority had investigated Actuarial valuation of the Indian Motor Third Party Insurance Pool (IMTPIP) under the Insurance Act, 1938 in order to assess the adequacy of the reserves which are to be calculated as per the IRDA Regulations and in particular as per reference 4 cited. The Report established that the ultimate loss ratios are 172.3%, 181.81,% and 194.15% for the years 2007-08, 2008-09 and 2009-10 respectively. Against this estimate, the pool has maintained reserves at 126% for all the years the pool has underwritten third party motor liability. The report under Ref No. 1 was communicated vide letter cited under Ref No. 2 to the CMD, GIC, the pool Administrator and a meeting of the General Insurance Council was convened for consideration of the Report cited at 1 above. The General Insurance Council, responded vide letter cited under Ref No. 3 on behalf of the members of the pool.
The IRDA had conducted an audit of the Third Party Motor Insurance Pool and has established that the pool reserves have to be significantly augmented in order to meet the higher compensation to be paid to the unfortunate victims of road accidents. Such augmenting of reserves will strengthen the insurance companies and will enable them to meet all claim obligations at all times expeditiously and without fail, The IRDA has required all general insurance companies to increase these reserves in a phased manner over a period of three years and till the reserves are augmented to a satisfactory level, companies have also been required to restrict theft expenditure in terms of bonuses. incentives etc., besides bringing in additional capital as might be necessitated.
EPFO has launched a SMS based service for the benefit of all stakeholders. While submitting your claims, write your mobile number on top of the form. Attach a clear photocopy of first page of your bank passbook. A SMS will be sent to the mobile number about the status of your claim.
Delay in deposit of P.F. dues attracts penal damages. Damages are levied at the following FLAT RATES: * For 0 — 2 months delay – @ 5 % p.a. * For 2 — 4 months delay – @10 % p.a. * For 4 — 6 months delay – @ 15 % p.a. * For delay above 6 months – @ 25 % p.a. (subject to a maximum of 100%)
If the Bar Council of India has its way, all advocates in the country will soon have to accept fees only by cheque. And if the payment is to be made in cash, proper receipts must be furnished to the client and a register of the same will be required to be maintained by advocates.
The respondent raised certain claims against the appellant and invoked the arbitration agreement — the appointed Arbitrator adjusted Rs.11,10,662 awarded to the appellant, towards the sum of Rs.91,33,844 awarded in favour of the respondent and consequently directed the appellant to pay to the respondent, the balance of Rs.80,23,182 — the appellant paid the said amount to the respondent and filed a petition under section 11 of the Act praying for appointment of an arbitrator to decide its claim for the extra cost in getting the work completed through the alternative agency — the High Court dismissed the said application and held that the application under section 11 of the Act by the appellant was misconceived, barred by res judicata, and mala fide — appeal —
Madhya Pradesh Madhyastham Adhikaran Adhiniyam, 1983 — provisions of — whether applicable — execution of an agreement in regard to maintenance of water supply and electrical works in different parts of Gwalior Municipal Corporation area — a work order was issued to the appellant by the respondent — bills were not paid — the designate of the Chief Justice appointed an independent arbitrator — the arbitrator made award however, the High Court set aside the orders holding that the arbitral award passed by the sole arbitrator was without jurisdiction as the dispute raised by the appellant could only be decided by the statutory arbitral tribunal constituted under the 1983 Adhiniyam and therefore the sole arbitrator appointed by the designate of Chief Justice under section 11(6) of the Act lacked inherent jurisdiction to decide the disputes
The Delhi high court last week held that the clause in a tender document for building contract permitting 5 per cent bid security amount to be forfeited in case of a non-responsive bid is “clearly penal in nature and thus provisions of Section 74 of the Contract Act would apply.” It cannot be categorized as a reasonable pre-estimate of damages for a non-responsive bid and thus the bank guarantee for 5 per cent of the bid amount cannot be encashed in such an eventuality. The high court ruled this in the case of IVRCL Infrastructure and Projects Ltd vs National Highway Authority of India. The “request for proposal” submitted by the firm for a road project in Tamil Nadu being responsive, the forfeiture was illegal the firm was entitled to refund of the amount from NHAI, the judgment said.
