Briefly Business

The regulator IRDA on Monday asked the insurance companies not to provide fabricated sense of security through advertisements to allure customers towards ULIPs and other schemes....

IRDA asks insurers not to use misleading ads

New Delhi: The regulator IRDA on Monday asked the insurance companies not to provide fabricated sense of security through advertisements to allure customers towards ULIPs and other schemes,a move aimed at checking misselling of policies. Issuing guidelines for advertising insurance products,the Insurance Regulatory and Development Authority IRDA also asked insurers to clearly state the underlying conditions for a guaranteed benefit from insurance cover.

Aviva rejects 5-bn pound offer for biz

London: British insurer Aviva Plc on Monday said it has rejected rival RSAs five-billion pound takeover offer for some of its general insurance business,on grounds that the deal will not be in the best interest of shareholders. RSA Insurance Group Plc had offered to buy Avivas general insurance businesses in the UK,Ireland and Canada excluding RAC and Health,for a cash consideration of five billion pounds.

Telcos must deposit half of owed charges

New Delhi: Leading telecom operators would have to deposit with the Supreme Court half of the Rs 470-crore carrier charges they owe to BSNL,the apex court said on Monday. You would have to submit at least half the amount in the Supreme Court registry8230; then only we would stay the TDSATs order, a bench comprising Chief Justice S H Kapadia and Justice K S Radhakrishnan told COAI and AUSPI,the two operator lobbies which have challenged TDSATs order.

Rangachary new CDSL chairman

MUMBAI: The Bombay Stock Exchange which recently acquired absolute control at Central Depository Services India Ltd has brought in N Rangachary,the former chairman of insurance regulator IRDA,as its chairman. Rangachary succeeds S S Thakur,who had chaired the securities depository firm since 2001. We will endeavour to enter new segments, Rangachary said on his appointment.

Lanco Infra net profit jumps 68 pc

NEW DELHI: Infrastructure company Lanco Infratech on Monday reported a 68 per cent jump in its profit after taxes PAT,at Rs 194.7 crore for the quarter ended June 30. The company posted a profit after tax of Rs 115.9 crore in the corresponding quarter of the previous fiscal,Lanco Infratech said. Our power business has contributed to the profits,900 MW of additional power capacity has come up during this quarter, Lanco Infratech CFO J Suresh Kumar said.

BEML sets up global service HQ in Nagpur

NAGPUR: BEML Limited,a Mini Ratna company,has established its 8220;global service headquarters8221; at Nagpur considering its strategic location and access to major customer sites. At a function here on August 14,Partha Bhattacharyya,Chairman,Coal India Limited,inaugurated the headquarters in the presence of V R S Natarajan,CMD,BEML Ltd.