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| Law Ministry’s new opinion Isn’t LIC a company under the Companies Act? From B L Kak NEW DELHI, Dec 2: The Life Insurance Corporation (LIC) is not a company under the Companies Act, 1956. If the standpoint of the.....more NDA partners’
relations touch nadir SENTHURAI, Dec 2: Relations between the two NDA partners in Tamil Nadu touched their Nadir today with the Pattali Makkal Katchi (PMK) founder.....more
Digvijay assures all steps BHOPAL, Dec 2: Madhya Pradesh Chief Minister Digvijay Singh has said his Government would make all efforts, including purchase of surplus power......more Resentment in women’s RANCHI, Dec 2: The women’s wing of the BJP has expressed resentment over the exclusion of the party’s lone lady legislator Menka Sardar from the ......more |
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Centre
callous towards GUWAHATI, Dec 2: The Congress today accused the BJP-led Government at the Centre of adopting a ‘callous’ attitude towards recent killings in the .....more Tourists inflow gradually picking up in Orissa BHUBANESWAR, Dec 2: The inflow of tourists to Orissa is gradually picking up and has touched the .....more
Mahanta urges GUWAHATI, Dec 2: Assam Chief Minister P Mahanta today appealed to the people, particularly Hindi .....more
Babulal Marandi allocates RANCHI, Dec 2: Jharkhand Chief Minister Babulal Marandi allocated portfolios to all the 26 members of ....more |
Law
Ministry’s new opinion From B L Kak NEW DELHI, Dec 2: The Life Insurance Corporation (LIC) is not a company under the Companies Act, 1956. If the standpoint of the Union Law Ministry on this issue is any guide, the LIC is governed by a separate statute. The Law Ministry is said to have pointed out that since the LIC is not a company under the Companies Act, 1956, the minimum capital requirement stipulated under the Insurance Regulatory and Development Authority (IRDA) Act, 1999 will strictly not apply to the LIC. The Law Ministry has opined that the Government is under no compulsion to hike the equity base of the LIC from Rs 5 crores to Rs 100 crores as prescribed for insurance companies under the IRDA Act, 1999. The Ministry of Finance had sought a clarification from the Law Ministry on whether the provision of a Rs 100-crore minimum paid-up capital would apply to the Life Insurance Corporation since the LIC Act, 1956, stated that the corporation would function with a paid-up capital of Rs 5 crores. The Finance Ministry has received a reply from the Law Ministry. However, the Finance Ministry has not been able to make up its mind on the issue. Reason: the reply or clarification from the Law Ministry has been couched in such legalese that the higher-ups in the Ministry of Finance have been forced to call for further clarifications. One thing seems to have become clear in the process-that is, the Law Ministry has kept the issue open. This, some analysts point out, may eventually prompt the Government to finally decided to hike the capital base of the LIC on its own record with a view to eliminating the possibility of continued controversy on the issue. These analysts also point out that any upward revision of the equity base of the LIC will necessarily involve an amendment in the LIC Act, since the legislation allows the Government only to effect a downward revision in the paid-up capital. All existing insurance companies had been given 6 months time till October 18 by the IRDA Act to conform to the minimum capital requirement under the Act. The IRDA had accordingly advised the Government to ensure that the four nationalised non-life companies and the LIC take necessary steps to hike their capital to Rs 100 crores. The Finance Ministry adhered to the deadline as far as the general insurance companies were concerned by hiking their equity base to Rs 100 crores barely a few days before the expiry of six months. However, no move was made to raise paid-up capital of the Life Insurance Corporation. The apparent slippage generated doubts as to whether the Government had defaulted on the legal requirements. |
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NDA partners’
relations touch nadir SENTHURAI, Dec 2: Relations between the two NDA partners in Tamil Nadu touched their Nadir today with the Pattali Makkal Katchi (PMK) founder leader Dr S Ramadoss accusing the ruling DMK Government in the state of trying to "eliminate" him. The serious charge by a constituent of the ruling NDA at the Centre against the leadership of the alliance in Tamil Nadu was made at a largely attended party meeting organised for the Andimadam Assembly constituency in Perumbalur district last night. The accusation came amid speculation that the PMK would keep its options open on its continuation of the alliance with the DMK for the coming Assembly elections due early next year. The PMK was in alliance with the AIADMK earlier and speculation was that it would go back to the AIADMK if the ruptured relationship with the DMK was not not repaired. The relationship between the two NDA partners is already at a low ebb with Dr Ramadoss making persistent allegation that the DMK Government was not respecting its sensibilities and encouraging certain dalit and other forces opposed to the PMK. Dr Ramadoss made another serious allegation that the DMK Government wanted to provoke caste clashes during the election. Short of announcing a break up of the ties with the DMK, he challenged the DMK leadership whether it could come back to power without the PMK. Dr Ramadoss claimed that the Government either wanted to eliminate party district secretary and Vanniyar Sangam president Kaduvetti Guru or put him behind bars for at least two years. The Vanniyar Sangam is the power base of the party and Mr Guru is a close relative of Dr Ramadoss. Asking the gathering not to be provoked by what he called inflammable speeches and actions of certain forces and meaning the Dalit Panthers of India led by Mr Thirumavalavan, Dr Ramadoss said the Government was insensitive to various complaints against the outfit by an alliance partner. Though those forces were mobilising explosives and pipe bombs, the Government continued to remain a mute spectator, he alleged. Even after pipe bombs stored by such forces were seized by the police, it was deliberately suppressed in the FIR, he claimed and alleged that the Government wanted to incite caste clashes during the coming election. The infertile and drought affected Perumbalur district was the breeding ground for various forms of militancy and the DPI had considerable presence in the district. Party sources said Dr Ramadoss himself was in a dilemma on breaking his party’s ties with the DMK as the party’s continuance in the Vajpayee Council of Ministers at the Centre would be untenable then although the PMK is said to have good relationship with the BJP and the Prime Minister. Dr Ramadoss had been openly alleging that the State Government was encouraging former Union Minister and TRC president Vazhapdi K Ramamurthy as also rival Vanniyar Sangams to attack the PMK to cut it to size. Interestingly Dr Ramadoss never mounts any personal attacks on AIADMK general secretary J Jayalalitha though the DMK and other nda constituents do so. This is seen as a shrewd move by Dr Ramadoss for a possible tie up with the AIADMK if the situation warrants. The party had been organising constituency level meetings giving thrust to local issues. One of the resolutions passed at the meeting demanded payment of Rs 10 lakhs for per acre of land to be acquired for the Jayankondam Lignite Power Project being promoted by Reliance Group in association with some foreign promoters. Dr Ramadoss said the land owners should get at least Rs 10 lakhs and not a paltry Rs 20,000 as promised. About 5000 acres was said to be acquired for the project. Those who sell their lands should also be given jobs at the project, the resolution said. Jayankondam project comes under the Andimadam constituency. (UNI) |
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Digvijay assures all steps to ease power shortage BHOPAL, Dec 2: Madhya Pradesh Chief Minister Digvijay Singh has said his Government would make all efforts, including purchase of surplus power from newly-constituted Chhattisgarh, to ease the acute power shortage in the state. He was replying to questions of reporters at a meet-the press programme here yesterday about steps being taken by the State Government to fill the gap of power generation and consumption in the wake of acute power shortage in the mother state after the Constitution of new state of Chhattisgarh. Mr Singh said the purchase of power in the state would continue to be centralised in future. The Chief Minister did not rule out the possibility of continuation of ongoing power crisis in the state for the coming two or three years, saying that the power generation had increased 750 mw since 1993 but the number of consumers also had also grown tremendously in this period from 60 lakh to 80 lakh at present. He said the issue of free power supply to slum dwellers under single point connection and irrigation pumps up to five horse power to the farmers would be considered in the December 4-5 meeting of the state cabinet. Besides 100 per cent metering of all the 80 lakh MPEB consumers was also on the card, he added. Mr Singh said private participation in power production sector had not been materialised in recent years. However, the centre had cleared construction of 19 power projects in the country by the private sector which included Madhya Pradesh’ Bina Thermal Power Project, Maheshwar Hydel Project and Gas-Neptha based project at Guna. Contruction work at Omkareshwar and Indra Sagar projects had been started, he said and added that the two would generate 1500 mw of power after their completion in the next three years. The state would also receive power from 1000-mw project of the National Thermal Power Corporation(NTPC) to be set up in Vinhyanchal. While allaying the fears that the power tariff would go up after the proposed re-structuring of the State Electricity Board(MPEB), Mr Singh said the process essentially aimed at separately entrusting the responsibility at generation, transmission and distribution levels in a bid to improve the efficiency of the board. Even after completion of this process, he said the State Electricity Regulatory Commission would be the final authority in fixing the power tariff. Mr Singh made it clear that the re-structuring did not mean privatization of the board. Replying to a question, he said the new captive power policy of the State Government would be announced soon. (UNI) |
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Resentment in women’s
wing of BJP over RANCHI, Dec 2: The women’s wing of the BJP has expressed resentment over the exclusion of the party’s lone lady legislator Menka Sardar from the Babu Lal Marandi Cabinet. While leaders of the BJP Mahila Morcha described it as a conspiracy against women, Mrs Sardar felt that someone has played a nasty game. She said she was confident of her induction being the lone lady representative of the party, and claimed that she had been assured of a portfolio by the party high command. Feeling sidetracked, she has decided not to accept any post offered by the Government, and instead work in her Potka Assembly constituency. A similar reaction has come from BJP legislator C P Singh who was also excluded from the cabinet. Two-time representative of the Ranchi Assembly constituency, he has also decided against accepting any post. His supporters protested his non-inclusion by sporting black badges yesterday. BJP MP Abha Mahato has protested against Mrs Sardar’s exclusion, saying it had proved that the party was against giving equal status to women. The party leadership was also being criticised for not ensuring the induction of any scheduled caste member and the politically volatile Kurmi Mahato community from its quota in the BJP-led NDA Government in the state. (UNI) |
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Babulal Marandi allocates portfolios to ministers RANCHI, Dec 2: Jharkhand Chief Minister Babulal Marandi allocated portfolios to all the 26 members of his Council of Ministers late last night after going for the second cabinet expansion, official sources said today. The Chief Minister kept cabinet coordination, home, personnel and planning and development portfolios with him. Among the 16 cabinet ministers Yamuna Singh has been given forests and environment, Devdayal Kushwaha - Agriculture, Mrigendra Pratap Singh Finance, Commercial Taxes and National Savings, Ramjilal Sharda - Law, Devidhan Besra - Civil Supplies, Commerce, Animal Husbandry and Fisheries, Chandramohan Prasad - Human Resources and Raghuvar Das - Labour. The Ministers of State who were given independent charge are Pradeep Yadav (Rural Development), Ravindra Rai (Mines and Geology), Dinesh Shadangi (Health), Madhu Koda (Rural Engineering Organisation), Jaleshwar Mahato (Public Health Engineering), Bachcha Singh (Urban Development), Ramesh Singh Munda (Supplies and Prohibition) and Baidyanath Ram (Sports and Culture). State Ministers Sudarshan Bhagat and Neelkanth Singh Munda have been allocated Education and Road Construction respectively. Strong aspirants for ministerial berths in Marandi’s cabinet like BJP’s sole woman legislator Maneka Sardar and Ramchandra Naik and Satyanand Bhokta have been left out. Marandi who had inducted ten ministers in his cabinet on November 16, inducted 16 more yesterday, all from the BJP, taking the strength of his 17-day-old ministry to 26. (PTI) |
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