The proposal to set up a joint venture firm Paytm General Insurance Limited (PGIL) was approved by the board on May 20, the company said in a regulatory filing.
Initially, One97 Communications (OCL) will hold a 49 percent stake in PGIL while the rest of the 51 percent stake is to be owned by OCL's managing director Vijay Shekhar Sharma owned and controlled the company VSS Holding Private Limited (VHPL).
"PGIL intends to register for and undertake general insurance business. PGIL is yet to commence its general insurance business, which is presently subject to receipt of a certificate of registration from IRDAI (Insurance Regulatory and Development Authority of India)," the filing said.
The decision of the Paytm board came after its group firm's transaction into a share purchase agreement to acquire Raheja QBE General Insurance Company Limited did not consummate within the stipulated time frame. <
Paytm in July 2020 announced that the company along with its founder Vijay Shekhar Sharma will acquire Mumbai-based private sector general insurance company Raheja QBE.
In its exchange filing, OCL said that it has reappointed Sharma as its managing director for five years. Maduro Dora, the company's Group CFO and president, has been appointed to its board as a whole-time director for the next five years.
insurance companies are refusing claims in many cases on "flimsy grounds", the Supreme Court Friday said while observing that they should not be too technical while settling the claims and ask for documents that the insured is not in a position to produce due to circumstances beyond his control. The apex court observed while allowing an appeal against the August last year order of the National Consumer Disputes Redressal Commission (NCDRC) in a matter pertaining to the settlement of a claim.
under the insurance policy for a truck that was stolen in 2013.
A bench of Justices M R Shah and B V Nagarathna said that the appellant, who was the owner of the truck, was wrongly denied the insurance claim and the insurance company had become "too technical" while settling the claim and had acted "arbitrarily."
"Therefore, in the facts and circumstance of the case, when the appellant had produced the photocopy of the certificate of registration and the registration particular.
It said the appellant was asked to furnish documents that were beyond his control to procure and furnish.
The bench observed that once there was valid insurance and the truck was stolen, the insurance company ought not to have become too technical and refuse to settle the claim on non--submission of the duplicate certified copy of the certificate of registration, which the appellant could not produce due to the circumstances beyond his control.
"In many cases, it is found that.
Paytm in July 2020 announced that the company along with its founder Vijay Shekhar Sharma will acquire Mumbai-based private sector general insurance company Raheja QBE.
In its exchange filing, OCL said that it has reappointed Sharma as its managing director for five years. Maduro Dora, the company's Group CFO and president, has been appointed to its board as a whole-time director for the next five years.
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