Business

IRDAI member guilty of abetting corruption, dereliction of duty, says SAT Holding a non-life member of Insurance Regulatory and Development Authority of India (IRDAI) responsible for aiding and abetting corruption in the insurance business, the Securities Appellate Tribunal has directed the regulator to relook into the complaint of a United Kingdom-based broker firm alleging demand and receipt of kickbacks for diversion of reinsurance business from it. SAT’s presiding officer Justice JP Devadhar and member Dr C KG Nair also held IRDAI’s non-life member PJ Joseph of abusing the process of law and dereliction of duty in disposing of the complaint made the company named M/s Atkins Special Risks Ltd by simply citing lack of documentary proof despite there being enough evidence on record. The SAT’s order emanates from an appeal filed by Atkins challenging the order passed by Joseph on January 9 which SAT held to be “passed in gross abuse of the process of law … [Read more...] about Regulator Abetting Corruption In Insurance Business Can’t Be Tolerated, Says SAT; Directs IRDAI To Look Into Complaint Of UK Broker Firm

Gujarat National Law University (GNLU) is a premier national law university established under the “Gujarat National Law University Act, 2003” in the State of Gujarat, INDIA. It is one of the most prestigious law schools in India located at Gandhinagar. About the Indian Business and Commercial Laws Academy Summer School: In continuation to GNLU’s academic tradition of excellence and innovation and to take GNLU classrooms beyond national boundaries, GNLU Indian Business & Commercial Laws Academy (GIBCLA) is offering its course on ‘Indian Business & Commercial Laws’ for GIBCLA Summer School 2018.  GIBCLA Summer School 2018 will provide a unique opportunity for young and dynamic students, members of academics, professionals of different nationalities to intellectually explore the Indian legal business commercial environment and experience cultural enrichment through an intensive three weeks academic course. Course Structure: GIBCLA course is a … [Read more...] about GNLU: Indian Business and Commercial Laws Academy Summer School 2018

We must also remember that the businesses of money lending and pawn broking are usurious businesses and the Government may rightly impose onerous conditions to restrict or even discourage people from entering into such businesses, the Bench observed. The Supreme Court in State of Karnataka vs. The Karnataka Pawn Brokers Assn., has held that provisions prohibiting payment of interest in Karnataka Money Lenders Act, 1961 and Karnataka Pawn Brokers Act, 1961 on the amount of security deposits cannot be said to be arbitrary or violative of Article 14 of the Constitution of India. The Bench comprising of Justice Madan B Lokur and Justice Deepak Gupta also observed that the provisions making these amendments retrospective from 1985 are illegal and invalid. Section 7A and Section 4A Karnataka Money Lenders Act, 1961 and Karnataka Pawn Brokers Act, 1961 contained provisions, (inserted by an amendment in 1989) which said that security deposit shall not carry any interest. On writ petitions … [Read more...] about Money Lending Business: Provisions Prohibiting Payment Of Interest On Amount Of Security Deposits Not Unconstitutional: SC [Read Judgment]