New Delhi: Kishore Biyani-run Future Group company Pantaloon Retail (India) Ltd (Pril) is facing a number of legal cases including those related to adulteration of food items at its store chain, Big Bazaar.
The court cases also include an incident involving the double-swiping of debit card that has been disclosed in the draft prospectus filed with market regulator Securities and Exchange Board of India for an initial public offering of another group company, Future Capital Holdings—the financial arm of Future Group. There are more than two dozen cases pending against Pril, its chairman and managing director Biyani and other group companies, according to the draft prospectus.
As many as eight cases under the Prevention of Food Adulteration Act, 1954, and Standards of Weights and Measures (Packaged Commodities) Rules are still being litigated.
Irda to issue rules for health insurance soon
New Delhi: Insurance regulator Insurance Regulatory and Development Authority (Irda) on Thursday said it plans to soon come out with separate guidelines for the health insurance players, aimed at providing comprehensive medical insurance coverage and redressing of consumer complaints.
“To handle a plethora of issues relating to health insurance with focused attention, a separate health unit has been set up in the authority, specialized resources have been inducted to strengthen the role of Irda in the development and better conduct of the health insurance business,” Irda chairman C.S. Rao said at a conference organized by the Federation of Indian Chambers of Commerce and Industry.
Rao said that to increase the penetration of health insurance in the country, Irda also has made a recommendation to the government to bring down capital requirements for stand-alone health insurance companies to Rs50 crore, from Rs100 crore.
Indian Oil to pump Rs5,000 cr into Haldia
Kolkata: State-owned Indian Oil Corp. Ltd will pump in Rs5,000 crore to ramp up capacity of its Haldia Refinery for which most of the land has been acquired. “IndianOil will invest Rs5,000 crore to increase the capacity of Haldia Refinery from the present 5 million tonnes (mt) to 7.5mt,” company chairman S. Behuria said on Thursday.
“Apart from the expansion, a new plant for making paraxylene, raw material for MCC PTA, would also be set up,” Behuria said.
Stating that the company would require 86 acre for undertaking the capacity expansion, Behuria said that most of the land has been acquired.
Turning to the spiralling prices of crude, Behuria said IndianOil suffered a Rs120 crore under recovery per day on account of it.