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State Bank of India (SBI) said that IRDAI has imposed a penalty of Rs 25 lakh on its unlisted subsidiary SBI General Insurance Company for violation of regulations relating to motor third party insurance obligations.
The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of Rs 25 lakh on SBI General Insurance Co. (unlisted subsidiary of State Bank of India) for non-compliance with minimum obligations under Motor Third Party Business as specified in IRDAI (Obligation of Insurer in respect of Motor Third Party Insurance Business) Regulation, 2015 for the financial year 2018-19.
This penalty has been imposed for violation of Sec. 32D of Insurance Act, 1938.
Life Insurance Corporation of India (LIC) sold 93.73 lakh equity shares, or 2.012% equity, of Shipping Corporation of India (SCI) between 21 October 2020 to 12 March 2021.
Post sale, LIC held 8.04% stake in SCI from 10.052% held earlier. The transaction was executed as market sale.
SCI s consolidated net profit tanked 55.4% to Rs 131.57 crore on a 30.9% decline in net sales to Rs 841.23 crore in Q3 FY21 over Q3 FY20.
SCI is the largest Indian shipping company. It is the only Indian shipping company operating: break-bulk services, international container services, liquid/dry bulk services, offshore services, passenger services. In addition, the SCI mans and manages a large number of vessels on behalf of various government departments and organizations.