ce Regulatory and Development Authority (IRDA) Bill, 1999, the Government wants to completely overhaul the Insurance Act, 1938, to and I quote, “bring it in tune with the requirements of a liberalised environment.” The review of the Act will eventually result in the preparation of comprehensive Bill to replace the earlier Act. ``The entire Insurance Act, 1938, has to be rewritten. There are many provisions in the Act which are no longer relevant or have been rendered redundant with the passage of time,'' a top official of the Insurance Division of the Ministry of Finance said. For instance….The section on Provident Fund Societies and investment provisions relate to securities issued by the Government of the Uk –and are completely redundant.. Officials said that such details were not amended as part of the IRDA Bill in order to retain the focus of the intended legislation, which was to open the insurance sector to private competition. ``The present exercise of rewriting the Act is aimed at to bring the entire legislation in tune with the requirements of the reforms proposed in the IRDA Act,'' officials said. The ( )Rs 80- crore Indiana group is planning to merger its five associate companies. Merging was considered to bring down the cost of operations, said DM Bhatia, managing director of the group’s flagship company, Indiana Gratings. The group companies, including Indiana Engineering Works, Indiana Conveyors, Indiana Cable Trays Corporation, Indiana International, and Indiana Gratings. The company is localized in Maharashtra with manufacturing facilities in Jejuri in Pune and Vasai in Thane. The Indiana group is mainly in the business of manufacturing bulk material handling systems and projects. The new unit at Jejuri, which uses the electroforged welding process, has the capacity to produce one square metre of electroforged grating per minute. The gratings manufactured ...
