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LIC completes acquisition of 51 percent stake in IDBI Bank; insurer to have strategic investment in large bancassurance channel
Business

LIC completes acquisition of 51 percent stake in IDBI Bank; insurer to have strategic investment in large bancassurance channel

IDBI Bank Monday said insurance behemoth LIC has completed the acquisition of 51 percent controlling stake in the bank

Govt appoints Hemant Bhargava as interim chairman of LIC; initiates process to select regular chairman
Business

Govt appoints Hemant Bhargava as interim chairman of LIC; initiates process to select regular chairman

Bhargava was appointed as the managing director (MD) of LIC in February 2017, the insurer said in a statement.

Saving the Titanic: Govt took control of IL&FS to avert 'catastrophic' damage to financial markets, economy
Business

Saving the Titanic: Govt took control of IL&FS to avert 'catastrophic' damage to financial markets, economy

Saving IL&FS was critical as nearly two-thirds of the firm’s accumulated debt of 910 billion rupees ($12.36 billion) was from public sector banks.

Debt-ridden IL&FS will not be allowed to collapse, all options open: LIC Chairman VK Sharma
Business

Debt-ridden IL&FS will not be allowed to collapse, all options open: LIC Chairman VK Sharma

IL&FS Financial Services, a group company of IL&FS defaulted on one of its commercial paper (CP) issuances due for repayment on Monday

Cash-strapped hospitality chain Hotel Leelaventure defaults on payment of quarterly interest to LIC
Business

Cash-strapped hospitality chain Hotel Leelaventure defaults on payment of quarterly interest to LIC

Hotel Leelaventure said its operating cash flows are not sufficient to service its term loans and NCDs

LIC to buy 14.9% stake in IDBI Bank; move would eventually lead to acquisition of majority stake in state-owned lender
Business

LIC to buy 14.9% stake in IDBI Bank; move would eventually lead to acquisition of majority stake in state-owned lender

In August, the Union Cabinet had approved LIC's proposed acquisition of up to 51 percent stake in debt-ridden IDBI Bank.

Delhi court grants bail to Virbhadra Singh's son Vikramaditya on personal bond of Rs 50,000 in money laundering case
India

Delhi court grants bail to Virbhadra Singh's son Vikramaditya on personal bond of Rs 50,000 in money laundering case

A Delhi court on Monday granted bail to former Himachal Pradesh chief minister Virbhadra Singh's son in a money laundering case.

US investor T Rowe Price moves Bombay High Court over Unit Trust of India's IPO issue
Business

US investor T Rowe Price moves Bombay High Court over Unit Trust of India's IPO issue

In its petition, T Rowe Price International Ltd, which owns 26 percent of the UTI Asset Management Company, claimed the four public sector undertakings namely State Bank of India, Life Insurance Corporation, Punjab National Bank and Bank of Baroda were trying to stall the company's proposed IPO.

LIC-IDBI Bank deal: Cabinet clears insurer’s purchase of controlling stake in troubled lender via preferential shares
Business

LIC-IDBI Bank deal: Cabinet clears insurer’s purchase of controlling stake in troubled lender via preferential shares

LIC already has 7-7.5 percent stake in the IDBI Bank and will acquire the remaining for majority holding.

LIC-IDBI Bank deal: Reserve Bank of India gives go ahead to insurer's proposal to increase stake to 51%
Business

LIC-IDBI Bank deal: Reserve Bank of India gives go ahead to insurer's proposal to increase stake to 51%

LIC currently owns 7.98 per cent in the bank, down from 10.82 per cent in March 2018 following an equity infusion by the government

LIC-IDBI Bank deal: Insurer's proposed 51 percent stake buy may not require Parliament's approval
Business

LIC-IDBI Bank deal: Insurer's proposed 51 percent stake buy may not require Parliament's approval

Since it is going to be a financial deal as per the LIC Act, the legislation would not require amendment, sources said

LIC gets IRDAI nod for IDBI Bank buy: NPA-ridden lender gets a policy cover and the insurer, a risky bet
Business

LIC gets IRDAI nod for IDBI Bank buy: NPA-ridden lender gets a policy cover and the insurer, a risky bet

LIC is using the insurance premium it collected from customers to bailout IDBI Bank, and should the experiment go wrong, it will have to answer the customer first.

LIC to bailout IDBI Bank? The insurer will have to feed a white elephant with an insatiable hunger for money
Business

LIC to bailout IDBI Bank? The insurer will have to feed a white elephant with an insatiable hunger for money

LIC doesn’t have the technical expertise or experience to promote a bank; owning a bank is not a part of the insurer's original mandate

Telangana formation day: K Chandrasekhar Rao promises Rs 5 lakh life insurance scheme for farmers, lists his govt's accomplishments
India

Telangana formation day: K Chandrasekhar Rao promises Rs 5 lakh life insurance scheme for farmers, lists his govt's accomplishments

Telangana government said on Saturday that it would soon announce a Rs five lakh life insurance scheme for farmers of the state.

Air India privatisation: 18,000 employees cannot hold nation to ransom; sale to set tone for other PSU divestment plans
Business

Air India privatisation: 18,000 employees cannot hold nation to ransom; sale to set tone for other PSU divestment plans

If the 18,049 Air India employees are allowed to hold the country to ransom, then so will the employees of other loss-making government-owned firms.

Varishtha Pension Yojana: Will the existing scheme cannibalise it?
Business

Varishtha Pension Yojana: Will the existing scheme cannibalise it?

It appears that the new scheme would arouse the interest of only those who have more than Rs 15 lakh to spare

LIC corners 38.67% of SBI's Rs 15,000 cr QIP issue
Business

LIC corners 38.67% of SBI's Rs 15,000 cr QIP issue

SBI will use the QIP proceeds to augment its capital adequacy ratio and for general corporate purposes.

Virbhadra Singh money laundering case: ED files chargesheet against LIC agent Anand Chauhan
India

Virbhadra Singh money laundering case: ED files chargesheet against LIC agent Anand Chauhan

The Enforcement Directorate (ED) on Tuesday filed a chargesheet against Life Insurance Corporation agent Anand Chauhan in the disproportionate assets case registered against Himachal Pradesh Chief Minister Virbhadra Singh.

Govt hints at LIC's IPO, says with Rs 22.10 lakh cr assets insurer commands over 15% of GDP
Business

Govt hints at LIC's IPO, says with Rs 22.10 lakh cr assets insurer commands over 15% of GDP

With a profit of around Rs 40,000 crore last fiscal year, LIC is the most profitable entity in the country, next only to the Reserve Bank of India

LIC chairman SK Roy, another UPA appointee, resigns before his 5-year term
Business

LIC chairman SK Roy, another UPA appointee, resigns before his 5-year term

Roy has cited personal reasons for his premature exit from the country's biggest public sector financial institution