[ad_1]
The government has given Madhulika Bhaskar, General Manager, New India Assurance (NIA), the additional powers of Chairman and Managing Director (CMD) of the company for a period of three months or till regular appointment to the post is made, with immediate effect.
“The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Ministry of Financial Services to confer financial and administrative powers and functions on the post of Chairman-Managing Director (CMD), New India Assurance Company Limited (NIACL) on an additional pay basis, for a period of three months,” the Directorate of Personnel and Training said in an order on Tuesday.
While Bhaskar was transferred from GIC Re to NIA in March to be acting CMD of the company, she was not given the necessary authority to function as CMD of the company.
Currently, the government cannot make a regular appointment to the post of CMD of any PSU non-life insurance company as the case ‘Inderjeet Singh Vs Government of India’ is pending in the Delhi High Court challenging the powers of the Bureau of Banks Board (BBB) to select any CMD. On Monday, the Delhi High Court adjourned the case to September 8.
[ad_2]
Source link