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Delhi HC order costs PSU insurance officials their Director post
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SME Times News Bureau | 30 Nov, 2021
The Delhi High Court judgement that the Banks Board Bureau (BBB) cannot
select the General Manager and Directors of public sector general
insurers has cost a couple of officials their board positions, said a
senior industry official.
"A handful of officials in the
government-owned general insurance companies have been impacted by the
court order," the official, who did not want to be identified, told
IANS.
Listed reinsurer General Insurance Corporation of India
(GIC Re), in a regulatory filing, has said Madhulika Bhaskar, General
Manager has vacated office as Director with effect from November 3,
consequent to Delhi High Court's order in Ravi vs. Union of India &
Others.
The Delhi High Court in October this year had held that
the BBB cannot select the General Manager and Directors of public sector
general insurers as it is not a competent body.
It also ordered
setting aside of appointments made pursuant to the selections of General
Manager and Directors of public sector general insurers are liable to
be set aside.
The ruling came on a case filed by National
Insurance Company Ltd General Manager Ravi, complaining people junior to
him were selected by the BBB for the position of Director in public
sector general insurers twice - in August 2020 and May 2021.
The
court also held that the circulars enabling BBB to select the General
Manager and Directors of government owned general insurers are not
legally valid and are set aside.
"Consequently, the impugned
selections could not have been undertaken by the BBB. The appointments
made pursuant to the impugned selections of General Manager and
Directors of PSICs (public sector insurance companies) are liable to be
set aside. It is ordered accordingly," it declared.
Interestingly
the other question that would arise is that when the BBB is not
competent to select Directors, then how competent is it to select the
Chairman and Managing Directors of the public sector general insurers.
According
to an industry official, there is no additional pay when a General
Manager is selected as a Director but he/she and their family members
get the medical insurance benefit.
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