Aviva

Indian tax officials have asked Aviva why it should not be penalised for the scheme in the period 2017 to 2023, which a confidential company document shows began in 2013

Aviva's India business paid about $26 million to entities who purportedly provided marketing and training services, but they did not perform any work

In an attempt to grow operations, Aviva's India business paid about $26 million between 2017 and 2023 to entities who purportedly provided marketing and training services

Indian company's scope of work will expand to cover more than 5.5 mn insurance policies

This comes in wake of increase in FDI limit to 74% in insurance sector

Burman, 48, runs his family office, which oversees about $1.5 billion in assets

Aviva said it would make cost cuts of 300 million pounds ($380.22 million) over three years, in a statement ahead of its first investor day under new Chief Executive Maurice Tulloch