Peerless insurance

What is the relation between Peerless, the country's largest residuary non-banking corporation, and opening up of the insurance sector? Those who believe that there is nothing, read on.

Ramesh said that as economic advisor to the Prime Minister, he was told to secure the consent of Somnath Chatterjee before tabling the bill proposing opening up of insurance in Parliament.

He went to Chatterjee's residence but failed to convince him about the benefits of opening up the insurance sector.

While a frustrated Ramesh was coming out of Chatterjee's residence, Chatterjee took him aside and asked: "Joyram (that's how Bengalis pronounce Jairam, said Ramesh), will Peerless get a licence if the insurance sector is opened-up?"

Ramesh promptly replied: "No problem if you want Peerless to get the licence."

From then on Somnath Chatterjee was on his side, Ramesh stated publicly at the WBIDC meeting on Saturday held on the occasion of the Consular Corps Golf Tournament 2003.