Insurance companies | Insolvency and Bankruptcy Code | Finance Ministry
BS Web Team |
Last Updated at December 2, 2022 08:01 IST
The finance ministry has proposed a host of amendments to the insurance laws — from granting insurers a composite licence to allowing them to sell different financial products. The government is considering an amendment to the IBC to separate the process of resolution of a bankrupt firm from the distribution of funds received from the successful bidder. Read more on these in our morning brief of top headlines.
Govt proposes issuance of one licence for all insurance businesses
The finance ministry has proposed a host of amendments to the insurance laws — from granting insurers a composite licence to allowing them to sell different financial products, and increasing the retirement age of the chairman and whole-time members of the Insurance Regulatory and Development Authority of India (Irdai). Read more
IBC process: Resolution and distribution of funds may be separated
The government is considering an amendment to the Insolvency and Bankruptcy Code (IBC) to separate the process of resolution of a bankrupt firm from the distribution of funds received from the successful bidder to enable a faster takeover of the distressed company, a senior government official told Business Standard. Read more
Independent valuations 70% more than bankrupt Reliance Capital bids
The auction of bankrupt Reliance Capital has hit a roadblock with the independent valuation reports by Duff and Phelps and RBSA Advisors valuing the company at 70 per cent higher than the offers received from potential acquirers. While Duff and Phelps estimated Reliance Capital’s valuation at Rs 12,500 crore, the RBSA has pegged the company's liquidation value at Rs 13,200 crore. Read more
China's lockdown impact yet to be felt by pharma, consumer durable industry
The pharmaceutical and consumer durables sector which depends on China for imports has not been impacted yet due to unrest in China as people have come to the streets to protest against the lockdowns. But the lockdown could have an impact on the supply of components in the consumer durables sector if it continues for the next fortnight. Read more
Consumer durable demand outlook likely to remain weak in Q3FY23
Demand trends for the consumer durables sector are expected to remain weak for the second consecutive quarter, impacting the performance of companies in the third quarter for the 2022-23 financial year (Q3FY23). After a strong Q1FY23, the performance of consumer durable majors — barring wires/cables companies — have been sluggish. Analysts expect the white goods and durables sector to report weak revenues in Q3FY23 on account of post-Diwali slowdown in consumer offtake, led by steep price hikes, inflationary pressures and higher interest rates. Read more
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First Published: Fri, December 02 2022. 08:01 IST
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