New India Assurance (NIA)
Madhulika Bhaskar, General Manager of New India Assurance (NIA) is provided with the additional power of Chairman & Managing Director (CMD) of the company by the government for a temporary period of three months or till a regular appointment is done to the post, with immediate effect.
On Tuesday, the Directorate of Personnel and Training order stated that The Appointments Committee of the Cabinet (ACC) has accepted the proposal of the Department of Financial Services for assigning financial and administrative power and functions of the post of Chairman cum Managing Director (CMD), New India Assurance Company Limited (NIACL) on additional charge basis to General Manager for three months.
In March, Madhulika was shifted from GIC Re to NIA as an acting CMD of the company but she was not given essential power to function as the CMD of the company.
Moreover, the government cannot make a regular appointment to the post of CMD of any PSU general insurance company as the case of Inderjeet Singh vs the Indian Government is pending in Delhi High Court. The case is challenging the powers of the Banks Board Bureau (BBB) to select any CMD. The Delhi High Court has adjourned the case till September 8 on Monday.
