New Delhi: Given that not many private life insurers have started making profits, the Insurance Regulatory and Development Authority, or Irda, has decided to allow private life insurers to declare bonus, even if their life fund is in deficit, for a further period of three years. Earlier, the arrangement was available to the life insurers only for the first seven fiscal years from the year in which the life insurance company commences operations.
Wockhardt replaces statutory auditors
Mumbai: The country’s sixth largest drug maker by sales Wockhardt Ltd, which is currently restructuring its debt obligation to keep itself afloat, has replaced its statutory auditors SR Batliboi and Co., with BDO Haribhakti. S. R Batliboi, part of the corporate consultancy and advisory firm Ernst and Young, audited the accounts of Wockhardt for past six years.
BDO Haribhakti has been given a five-year term, beginning January. “This new appointment is keeping in line with Wockhardt’s policy, as well as Sebi’s guidelines which highlights the need of having a rotational policy for statutory auditors for transparency,” a Wockhardt release said, quoting its chairman Habil Khorakiwala.