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Smallcap czar Porinju Veliyath buys Max India shares; stock jumps 8% to hit record high

Porinju Veliyath publicly held over 1 per cent stake in 16 companies, with a net worth of over Rs. 183.5 crore. Among his biggest holdings are Orient Bell, Hindware Home Innovation, RPSG Ventures, Gati, Aurum Proptech and Shalimar Paints ....

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IRDAI Imposes Rs3 Lakh Penalty on Max Life Insurance and Rs5 Lakh on IFFCO Tokio General Insurance

IRDAI Imposes Rs3 Lakh Penalty on Max Life Insurance and Rs5 Lakh on IFFCO Tokio General Insurance
Moneylife Digital Team
30 April 2021
The Insurance Regulatory and Development Authority of India (IRDAI) imposed a nominal penalty of Rs3 lakh on Max Life Insurance and Rs5 lakh on IFFCO Tokio General Insurance Co Ltd for violating corporate governance and disclosure rules and violations of provisions of its guidelines on Motor Insurance Service Provider (MISP), respectively.

According to IRDAI, the company did not disclose related party transactions with Analjit Singh group companies such as Max Skill First Ltd.

“Max Life did not disclose the details of payments made to the Max Skill First in the half-yearly outsourcing returns filed with the Authority for the financial years 2015-16 and 2016-17 in violation of Clause 11.2 of IRDA Outsourcing Guidelines, 2011,” the insurance regulator said. ....

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