NCLT And IRDA Cross Swords Over Merger of Two Firms with Shriram Insurance Arms

NCLT And IRDA Cross Swords Over Merger Of Two Firms With Shriram Insurance Arms

The Chennai-headquartered Shriram Group has become a bone of contention between NCLT and IRDA.  One of the largest financial services companies in the country underwent a series of reorganization in the not-so-distant past. Ostensibly, the objective was to un-clutter its cross-holdings to usher in a simplified structure. By doing so, it sought to consolidate its focus on its core business. The restructuring process also involved two group companies — Shriram Life Insurance Company Ltd and Shriram General Insurance Company Ltd. As part of the process, the separate investments of Shriram Capital in these two insurance ventures were demerged into two SPVs (special purpose vehicles) – Shriram LI Holdings and Shriram GI Holdings.  These investments were described as businesses while setting in motion the demerger process. This was done mainly to address the taxation angle.  Within a year or so of the formation of these two SPVs, a move was initiated to amalgamate these two with the  Shriram Life Insurance Company Ltd and Shriram General Insurance Company Ltd. The NCLT in Jaipur (where Shriram General is headquartered) and NCLT in Hyderabad (where Shriram Life is headquartered) heard these cases for approval. Insurance regulator IRDA raised objections to the amalgamation at Jaipur NCLT.

The IRDA insisted that it had sole powers to approve since the merger related to the insurance entity. The Jaipur NCLT, however, declared that a merger of a non-insurance company with the insurance firm falls within the purview of the Companies Act, and, hence, IRDA has no power. The NCLT Jaipur suggested that only transfer of shares would come under the Insurance Act. In this instance, the amalgamation will result in the issue of fresh shares only. Hence, the NCLT Jaipur is convinced that fresh share issue comes under its purview only. The amalgamation move, no doubt, has the NCLT nod. But the NCLT Jaipur order has a lot to ponder over for the IRDA. Consequent to the NCLT Jaipur order, the wheel has come full circle. The two SVPs have collapsed, and Shriram Capital returns to be the shareholders of these two insurance firms. One is not sure how the policy-holders benefit from this circus. (By KT Jagannathan)

BJP’s Name Changing Overdrive In Odisha Backfires, Don’t Rename Ravenshaw University Warns Students

Looks like the BJP government in Odisha is in a hurry to obliterate all things related to the previous Biju Janata Dal government headed by Naveen Patnaik. No sooner he took over as chief minister, BJP’s Mohan Charan Majhi renamed Naveen Patnaik’s 40 popular schemes. Seeing no resistance to this move seems to have emboldened the Union Education Minister Dharmendra Pradhan to go one step ahead by mooting the idea of renaming Odisha’s 156-year old prestigious Ravenshaw University, named after a Britisher Thomas Edward Ravenshaw who was Commissioner of Odisha in 1865. Pradhan’s idea seems to have backfired and created a major uproar across all classes of people in the state.  Alumni members of Ravenshaw and Odisha’s intelligentsia have formed the Ravenshaw Heritage Forum to protest against this name change initiative. They say, there are two temples in Odisha, one is the Lord Jagannath Temple at Puri and the other one is Ravenshaw University and we will not allow name change of the university.. The BJP seems to have realised their folly and are now trying to back-peddle saying it was Pradhan’s personal opinion. Devdas Chottray, the first Vice Chancellor of Ravenshaw University said “University’s identity is related to its name representing both pre-modern and modern Odisha”. The university represents not just an institution of learning, but is an integral part of Odisha identity which produced eminent statesman like Biju Patnaik, Harekrushna Mahtab, Pratibha Ray, poet Jayant Mohapatra, Madhusudan Das, Gopabandhu Das and others. Former Indian Ambassador to Philippines Lalduhthlana Ralte who studied in Odisha said “Nothing wrong in having a colonial past, it reminds us to be resilient”. (By Sangram Mohanty)

Politicians In Big “Q” At Mumbai Cricket Association!

Why are politicians these days making a beeline towards the corridors of power at the Mumbai Cricket Association? Nothing new to an association that has won the Ranji Trophy 42 times; barrister Sheshrao Wankhede was a politician, but he did not throw his weight around and bring party politics into the MCA’s daily affairs. The Stadium is named after him because of his role in the development of the Stadium in South Mumbai. Observers at the D Road venue in Churchgate say that Manohar Joshi (Shiv Sena); Sharad Pawar (NCP).and Vilasrao Deshmukh (Congress) — all Chief Ministers — and Ashish Shelar (BJP) did  not play petty politics  in cricket administration. Wankhede was from Nagpur, Pawar from Baramati.and Deshmukh from Latur, but though Joshi was born in Raigad, he was a ‘Mumbaikar’ residing in Shivaji Park and Shelar is known as a “Bandra Boy.” Dr Vijay Patil who was the President for one term belonged to a political family based in Navi Mumbai. Political parties made their presence in a big way  at the MCA election of 2022 Jitendra Awhad of the NCP, Milind Narvekar, Nilesh Bhosle (SS-UBT) and Vihang Sarnaik (SS) — all got elected. Top of it all was Amol Kale — backed by Devendra Fadnavis of the BJP — who got elected as President. Politicians seen at the recent election for Secretary were Nana Patole (MPCC President), Ramdas Athawale (RPI and Union Minister) and Prasad Lad (BJP). Cricket gives politicians visibility, but the latest entrants (politicians) “have to contribute to Mumbai cricket’s legacy, not just win elections and occupy the seats”, says an insider!   (By G Viswanath)

Sexual Harassment Claims Ignite Debate in Bengal Film Industry Over Women’s Safety

The rape-murder of RG Kar hospital doctor has led to a wave of revelations in the Bengali film industry. Women across all levels have come forward with allegations of sexual harassment against influential figures, including directors and producers. In response to these allegations, the Federation of Cine Technicians and Workers of Eastern India (FCTWEI) recently announced the formation of a special 15-member committee, named ‘Suraksha Bandhu,’ aimed at safeguarding women in the industry. However, the formation of the committee has sparked controversy, with the Directors Association of Eastern India (DAEI) questioning the legitimacy of the new body. Director Sudeshna Roy representing DAEI criticized the FCTWEI for not adhering to a proper process when selecting committee members. She also challenged the Federation’s statement that claimed 60% of directors and 40% of producers were implicated in the complaints. Roy pointed out that the technician’s association is led by Swaroop Biswas, brother of state minister Aroop Biswas, and alleged that Swaroop made the sole decision to constitute the women’s protection committee without consulting other key stakeholders. She argued that the Federation is not the industry’s sole regulatory body and questioned its authority to unilaterally form such a committee. In contrast, DAEI has proposed the creation of a new committee, ‘Women’s Forum of Screen Workers Plus,’ which would be tasked with addressing complaints of sexual harassment. It may be recalled that celebrated director Arindam Sil was banned by the Directors Guild following multiple complaints of sexual harassment. The ban will remain in effect until Sil is proven innocent, signalling that the industry is taking the allegations seriously. (By Tanya Bagchi)

Omar Runs Scared To Badgam, Abrar Plays Kingmaker ‘Khuleaam’

Omar Abdullah runs scared of Rashid Engineer’s son Abrar, whose incarcerated-over-separatism charges father dealt him a blow in the Baramulla parliamentary constituency. Omar insists his twin efforts from Gandharbal and Badgam assembly constituencies emanate from confidence though his party’s three-time MLA and Mayor from Badgam Aga Syed Ruhullah Mehdi, a Shia cleric, is peeved over sacrificing his family bastion for affording his party boss a winning seat. What really scared junior Abdullah is that following Rashid Engineer’s win from Baramulla, son Abrar announced 15 candidatures for the assemblies. Omar’s desperation was apparent with his recent emotional appeal to voters in Gandherbal assembly constituency, Kashmiri-Topi-in-hand, “My honour is in your hands.” It is more than just his honour at stake with Abrar Engineer’s Awami Ittehad Party (AIP) set to field a sizable number of candidates cashing in on their recent victory. Omar’s desperation is further evident by the fact that the Badgam assembly constituency alone saved him the blushes within Baramulla Lok Sabha seat registering high number of voters despite his overall loss in the remaining five assembly segments. While Ganderbal assembly seat is Omar’s family bastion, grandfather and father Farouq Abdullah were elected from there, he himself lost the seat on his debut into electoral politics in 2002, though he won it back in 2008. Also, while he had won from the Beerwah assembly seat, adjoining Badgam, in 2014 the recent Lok Sabha results dampened his spirits after this assembly segment of the parliamentary constituency registered fewer voters in his favour. (By Renni Abraham)

Muhammad Kutti Hated His Nickname Mammootty  

You say what’s in a name, it is what you make of yourself that finds your name in history. There is at least one mega star who would differ aggressively…actually the very name he shunned turned into the mega brand, loved and idolised. Many have wondered what the name Mammootty meant. For the past 50 odd years, it has shot into global popularity and respect. Mammootty who turned 73 on September 7 was born into a conservative family. His parents Ismail and Fathima ran a modest trade business in clothing and rice in Kerala. Mohammad Kutti, the eldest of their six children, dreamt of getting into films but family pressure saw him graduate from Ernakulam’s Maharaja College and forced him to study law so as to add the prefix Advocate to his name. Wanting to be known as Omar Sharif, the Egyptian killer star, Kutti hated his nickname Mammootty, the abbreviated choice of his friends and family. Now comes the filmy twist. One day the postman knocked on the Advocate’s door, asking “Who is Mammootty…I have a letter from MT Vasudevan Nair of Janasakti Films, addressed to Mammootty”.  The rest is magical cinematic history. Mammootty , christened and chosen by the genius Vasudevan Nair went on to become the tallest Malayalam film star, with 420 films in his bag…a mix of good, bad and passable. In 2000, Mammootty hit the mother lode of four scorching hits —Narasimhan, Valletta, Dada Saheb and Kandukondein Kandukondein. With four National Awards and countless State Awards, at this age Mammootty still causes heart flutters in women. A nickname turned into a legend, and a guaranteed audience draw. Mammootty, destiny’s child is acclaimed by his son Dulquer Salman as a hard act to follow. (By Padma Ramnath)

 An Upbeat Rahul Gandhi Agrees To Aggressively Campaign In Forthcoming Maharashtra Elections

Rahul Gandhi gave clear hints that he will be taking more interest in Maharashtra in the forthcoming elections. Rahul Gandhi, who is upbeat about a Congress victory in Maharashtra, told his partymen that he would be available anytime they needed him to come. “Wherever you need me, I will come. You just have to order me and I will be there,” Rahul Gandhi said at Sangli, the sugar heartland that had once been a party bastion. This is significant considering that there were complaints of high-handedness from the Maharashtra state coordinators, who were accused of not conveying the party workers’ sentiments to the top party leadership, particularly candidate’s selection process. While people like Vishwajeet Kadam chose to fight this upfront by staying within the party forum, others like Sanjay Nirupam were forced to quit the party after the party leadership paid no heed to their grievances. Nirupam had accused five power centres operating within the Maharashtra Congress — namely led by Sonia Gandhi, Priyanka Gandhi, Rahul Gandhi, Mallikarjun Kharge and also KC Venugopal — in the run-up to the Lok Sabha polls. Congress managed to bag the highest tally in MVA in spite of this factionalism. Rahul Gandhi’s signal of being available here is thus taken as a hint of him taking charge of the scenario here, of leading from the front. How this will play out in the ticket distribution process, the campaigning and beyond, now remains to be seen. (By Hepzi Anthony)

Ajit Pawar’s Ambivalence Can Revise Electoral Equations In Maharashtra

Maharashtra deputy chief minister Ajit Pawar has once again publicly repented for parting ways with his uncle Sharad Pawar. This is considered an implied signal for the Mahayuti leadership to prepare for any eventuality, including Ajit’s probable decision to do a homecoming act. Although he has not said anywhere that he will desert the Mahayuti, his recent statements can be interpreted by his detractors to mean just that. At a rally in Gadchiroli, he advised the daughter of NCP(A) minister Dharmarao Baba Atram to reconsider her decision to enter the NCP (SP). Ajit said, “People don’t like creating rifts in one’s own family.” In Baramati, he said he had been elected uninterrupted since 1991 but if people wanted otherwise, someone else would be the MLA from Baramati. He, however, did not indicate who the next incumbent will be but his supporters are discussing the name of his son Jay, who has started touring the constituency, the fiefdom of the Pawar Parivar since 1967. Ajit’s chagrin over the defeat of his wife Sunetra in the Lok Sabha election is coming to the fore time and again. Coincidentally, some BJP workers from Pune have started expressing their opposition to the NCP(A). As Ajit has admitted to his own ambivalence in the present political atmosphere, revised electoral equations can emerge in the state. (By Dilip Chaware)

Eye On Elections: Maharashtra Govt’s Yojana Doot Drive Bound To Receive Opposition Flak

After the spectacular response generated by the Maharashtra government’s “Laadki Bahin” drive, a new initiative called “Yojana Doot” has been announced by the Mahayuti regime. Under this, 50,000 youths will be recruited to propagate various beneficial schemes among the public at a monthly remuneration of Rs 10,000. It will be implemented under the Chief Minister’s Yojana Doot programme. It has the backdrop of the Laadki Bahin drive which has evoked tremendous response, surprising the ruling alliance. To further consolidate public support, the Yojana Doot progamme is launched. It will be open to all youths between 18 and 35, provided that the applicants are graduates, are conversant with computer operations, are domiciles of the state and own a mobile phone. While one Yojana Doot will be appointed for each gram panchayat, for urban areas, every 5000 population will get one. Their assignment will be to take various state government schemes to the needy and help them to receive the benefits under them. The duration of the employment will be six months and will not be renewed under any condition, the announcement has clarified. Each Yojana Doot will have to prepare a daily report of his/her work and upload online. In case any Yojana Doot breaches the conditions of employment, he will be relieved of the responsibility. This programme, too, is bound to come under fire from the opposition parties, which have been attacking the Laadki Bahin scheme. (By Dilip Chaware)

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