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Hinduja-led IIHL -- the successful bidder for Reliance Capital under insolvency proceedings -- cannot extinguish the employees stock options (ESOPs) and other incentive schemes for the Reliance General Insurance Company (RGIC) employees, a subsidiary of Reliance Capital, according to legal opinion taken by Reliance General Insurance. The legal opinion was necessitated as IIHL in its resolution plan for Reliance Capital has sought to extinguish all employees stock option plans, phantom stocks or similar incentive schemes of Reliance Capital and its subsidiaries, including RGIC, so that no additional cost is incurred after the takeover. Reliance General Insurance has issued ESOPs to its employees. Khaitan & Co in its legal opinion submitted to the RGIC has opined that under IBC, treatment of assets and liabilities of subsidiary companies are not permitted to be prescribed under a resolution plan for the holding company. The IBC recognises the principle of 'separate legal entity', ...
Reliance General Insurance Company Ltd on Tuesday said they have been awarded the contract for the implementation of Meghalaya's health insurance for citizens. TheICL will be implementing the Megha Health Insurance Scheme and the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana phase 6. "The contract is awarded after a competitive bidding process, in whichICL emerged as the successful bidder to implement a revised MHIS 6 scheme in convergence with PMJAY, providing an insurance cover of Rs 5,30,000 for all eligible beneficiaries on a family floater basis,"ICL said in a statement here. It stated that the state government has decided to review the Health Benefits Package and other terms in the Insurance Contract of MHIS 6 and will cover over 7 lakh families in Meghalaya, providing them with comprehensive health insurance coverage that will meet their secondary and tertiary care hospitalisation, outpatient care, diagnostic tests, and follow-up care. ICL CEO Rakesh Jain said, "We are ..
Reliance General Insurance Company Ltd (RGICL) on Monday said it has raised a capital of Rs 200 crore by issuing equity shares to debt-ridden parent entity Reliance Capital. Reliance Capital is under the resolution process as per the Insolvency and Bankruptcy Code. Infusion has been done following the lenders of Reliance Capital giving approval for the capital support to improve the solvency margin of the general insurance arm. With this capital raise, RGICL is reinforcing its commitment to financial strength and readiness to capitalize on emerging opportunities in the insurance sector, the company said in a statement. The shareholders of the company at its Extraordinary General Meeting (EGM) held on July 29, 2023, have approved infusion of capital of about Rs 200 crore in the company, by way of the issue of equity shares on a private placement basis, it said. This capital infusion is aimed at pursuing new business opportunities for growth and securing the company's position among
Reliance General Insurance Company will soon roll out nine sandbox products to cater to the fast transforming customer requirement in the insurance sector. The company has received sandbox approval for the nine products from the Insurance Regulatory and Development Authority of India (IRDAI) in one go in the 2nd cohort, the 4th largest private sector general insurer said. The announcement is in line with the company's long-term goal of re-innovating and redefining the insurance sector to cater to the fast-transforming customer expectations in the digital age, it said in a release. The company said three of these products are from the telematics segment. Rest of the offerings are from the company's innovative product line designed to address customers' current and future policy requirements. Reliance General Insurance Company is one of the most tech driven companies and it aims to introduce these pioneering product offerings to provide holistic insurance cover from a futuristic ...