Govt nod must for Reliance-Nippon deal
Under the Insurance Act, promoters wanting to sell 26 per cent stake (maximum permissible limit), could offload their equity only after 10 years into operations. However, Reliance Life has not yet completed 10 years of operation.
Asked whether Reliance Life can sell its 26 per cent stake currently, Insurance Regulatory and Development Authority (IRDA) Chairman J Hari Narayan said it could not be done without approval of the government. "Not without the order of the Government," he said.
When contacted, a spokesman of Reliance Capital, which owns Reliance Life, said, "We are confident of receiving necessary approvals from the government, IRDA, RBI for the largest ever proposed FDI of Rs 3,000 crore in financial service sector in India".
IRDA Chairman on his...
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