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Setback for SAT, SC expunged its remarks against retired IRDAI member

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In a setback for the Securities Appellate Tribunal (SAT), the Supreme Court has expunged the former’s uncalled remarks against former Member (Non-Life), Insurance Regulatory and Development Authority of India (IRDAI) P.J. Joseph.

The Supreme Court in its recent order on an appeal filed by IRDAI against Atkins Special Risks Ltd and others said: “Having heard learned counsel for the parties and on perusal of record, we are of the opinion that the remarks made by the Tribunal against Mr. P.J. Joseph in paragraphs 8 and 9 of the impugned order dated March 16, 2018 as well as the comments in paragraph 1 of the said order were uncalled for and deserve to be set aside.”

“I am happy that the uncalled remarks by SAT in its order has been expunged,” Joseph told IANS.

The SAT on March 16, 2018 setting aside an IRDAI order had said: “We fail to understand as to how Member (non-life) could make such false statement in the impugned order. In our opinion, the impugned order passed by P.J. Joseph (non-life) virtually amounts to aiding and abetting corruption in the insurance business by the regulator which cannot be tolerated.”

The SAT had directed the insurance regulator to entrust the matter to a competent officer other than Joseph for fresh orders on Atkins complaint on merits.

The SAT’s remarks were questioned by legal eagles then.

“The stinging remarks against the Member (Non-Life) by name, with due respect to the SAT, are quite unfortunate and seem to be crossing swords with the repeated and well advised principle of ‘judicial restraint’ by the Supreme Court of India,” D. Varadarajan, a Supreme Court advocate specialising in company/competition/insurance laws, had told IANS.

Going by an SAT order dated March 16, the concerned IRDAI official was not even arraigned as a party, Varadarajan added.

The IRDAI on January 9, 2018, disposed off the complaint by London-based reinsurance broker Atkins Special Risks Ltd against rival Marsh India Insurance Brokers Pvt Ltd of poaching its reinsurance business offering unlawful payment to Jagdish Pershad Gupta, Chairman, Jagson International Ltd.

Atkins’ complaint was that between 2002 to 2012 it provided international reinsurance cover to Jagson. From 2010 onwards Jagson’s Gupta started demanding, through email, a cut in Atkins commission.

In 2012, Jagson’s reinsurance business was given to Marsh.

Atkins hired a private investigation firm to find out any payment of kick-backs by Marsh to Gupta.

As per the SAT’s order, the investigation firm had confirmed kick-backs to Gupta for diverting the reinsurance business to Marsh from Atkins.

Atkins alleged that during the telephonic conversation, Gupta had said that Marsh had agreed to pay him $4,00,000 in order to obtain Jagson’s business.

The SAT, in its order, said Atkins had relied on documentary evidence in support of the contention that Gupta had sought a bribe and was bribed by the officers of Marsh for diverting the reinsurance business from the appellant to Marsh.

The IRDAI stand that Atkins did not submit any documentary proof is false, said SAT.

An IRDAI official had then told IANS that the proof given by Atkins was not strong and hence focused investigation on Marsh’s books were not made.

The right to appoint or change reinsurance broker vests with the primary insurer. Interestingly, neither the IRDAI’s order nor the SAT order mentions the name of the primary insurer for Jagson or the reason for the change in reinsurance broker.

Reinsurance plays a major role in insuring huge risks. Many private general insurers are happy to front the business as the primary insurer passing on the lion’s portion of the risk to reinsurers. As a result the reinsurance brokers gained importance, a senior industry official had told IANS.

Business

New TVS Apache RR 310 Hits Indian Market at Rs 2.75 Lakh: All You Need to Know

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TVS has introduced the 2024 edition of its flagship Apache RR 310 in India, starting at Rs 2.75 lakh (ex-showroom). The updated model brings several enhancements, including segment-first aerodynamic winglets integrated into the side fairing, aimed at improving stability and performance.

The latest version of the TVS Apache RR 310 comes with a starting price of Rs 2.75 lakh (ex-showroom) for the Racing Red model. However, this variant does not include the bi-directional quick-shifter. For those looking to add this feature, it will cost approximately Rs 17,000 extra. The 2024 lineup also introduces a new Bomber Grey color option, priced at Rs 2.97 lakh (ex-showroom), offering a stylish and performance-focused upgrade.

The 2024 TVS Apache RR 310 retains its 312cc single-cylinder, liquid-cooled engine with a 6-speed gearbox, but now offers improved performance. The updated model produces 37 bhp at 9,800 rpm and 29 Nm of torque at 7,900 rpm. TVS also claims that it accelerates faster than before, shaving 0.43 seconds off its 0-100 km/h time, making it a more exciting choice for riders looking for speed and agility.

The 2024 TVS Apache RR 310 keeps its familiar trellis frame, supported by upside-down front forks and a rear monoshock for improved handling. Braking is handled by disc brakes. It also comes with a 5-inch TFT display that offers Bluetooth connectivity and navigation.

The updated electronics package includes new features like tyre pressure monitoring, cornering ABS, traction control, and cruise control. While the overall design remains similar, it gets refreshed decals and is available in three colours: Bomber Grey, Racing Red, and Race Replica.

TVS has introduced two performance kits for the new Apache RR 310: the Dynamic kit, priced at Rs 18,000, and the Dynamic Pro kit at Rs 16,000. The Dynamic kit enhances the bike’s handling with fully adjustable suspension, a tyre pressure monitoring system, and a brass-coated drive chain. The Dynamic Pro kit, meanwhile, focuses on safety and stability, offering race-tuned dynamic stability control for better on-road performance. These upgrades allow riders to customize their experience for both performance and safety.

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Business

Jio network down: users are facing problems

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Some Jio users in Mumbai are experiencing network outages, causing the issue to trend on Twitter. According to reports on social media, the disruptions have affected specific areas in the city. One user claimed that the Reliance Jio IDC Data Centre caught fire, potentially causing service interruptions. The user tweeted, “Reliance Jio IDC Data Centre caught fire, some services down due to that.

The network of Reliance Jio, one of the leading telecom companies in India, has been down for the last 1 hour. So users are facing a lot of problems. Many have posted about this on social media and tagged Reliance Jio. Reliance Jio network is down since last 1 hour.

Due to this, many works of Jio users have been stopped. A user posted on X and informed that the Jio service has been shut down due to a fire in the IDC (data center). Repair work is going on here. The network will be restored soon. But Reliance Jio has not given any official information about this yet. Therefore, users are asking when the network will be restored.

Reliance Jio service has been discontinued. Most of the users have no signal in their mobiles. 20 percent reported internet connectivity disruption on Down detector. 14 percent people are facing problems in running Jio fiber. Reliance Jio’s website is also not working properly and users are unable to access the Jio app.

There are more than 10 thousand complaints on Downdetector around 12 noon. More outage issues have been reported from cities like Delhi, Lucknow and Mumbai. Users across the country are complaining about Jio service being down. Jio on X is also trending down. People are sharing memes for Jio.

Reliance Jio services have once again been suspended in many parts of the country. Today i.e. on 17th September it started from Mumbai, the financial capital of the country and now Jio is down in all the cities of the country. Earlier in May and June 2024 also, Jio services were suspended in Mumbai. Users are constantly complaining on social media about Jio being down but there is no concrete solution and assurance from the company yet.

Users on social media claim that Jio services have been suspended across Mumbai. There is a network problem for several hours. Many users have also complained about the broadband service. Outage tracker Downdetector has also confirmed Jio’s outage. According to Downdetector’s map, it has stopped in New Delhi, Lucknow, Nagpur, Cuttack, Hyderabad, Chennai, Patna, Ahmedabad, Kolkata, Guwahati.

More than 10 thousand people have complained on Downdetector in just 1 hour. On this site, 67 percent people complained about lack of signal, 20 percent about mobile internet and 14 percent about Jio Fiber.

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Business

‘Take A Trip To Vietnam For Your iPhone 16’: X User Proposes Cost-Effective Way To Buy The Latest Apple Smartphone

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Apple recently launched its latest iPhone series, the iPhone 16 series. In addition, the company also launched the latest Apple Watch along with the latest version of Apple AirPods.

Trip To Vietnam For Apple

Apple products from time immemorial have been known for their exorbitant and sky-high pricing. Many have often made memes about having to sell their organs to be able to afford one of their iPhones.

Now, with the latest launch, and X user has found a way to cut corners by taking a trip.

According to the user, an aspiring iPhone buyer in India should take a trip to the East Asian nation of Vietnam to be able to get the new iPhone 16 at a cheaper rate.

However, the user also notes that these savings can only be made, if the buyer is intending to buy the advanced iPhone 16 Pro iPhone 16 Pro Max.

Savings Only iPhone 16 Pro

The user said, “Plan your #iPhone16 purchase with a trip to #Vietnam and spend the same amount you would be spending buying it here in India.”

In addition, the user also added, “But the savings work only if you are planning to buy the #iPhone16Pro or the #iPhone16ProMax”.

In addition, the user also surmised an instance of users travelling to the UAE an purchasing these phones.

According to the user, the Visa fees & fight rates don’t make Dubai that lucrative unless flying somewhere via UAE or planning for the #iPhone16ProMax only”.

As per the statistics produced by the user, the most expensive iPhone 16 Pro Max will cost an Indian buyer Rs 1,44,900 a piece. In Vietnam, however, it would cost a buyer Rs 1,18,992.

This marks a difference of Rs 25,908. Meanwhile, in the UAE, particularly in Dubai, the same phone would cost the buyer Rs 1,16,550, marking a difference of Rs 28,350.

The iPhone series will be available in India from September 20, with the pre-order for the phone starting on September 13.

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