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Non-Tech : ICICI Ltd - (Nyse: IC) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (184)	2/17/2000 3:57:00 PM
From: Mohan Marette	Respond to of 494

Banks seek equity over 30% in insurance JVs Mumbai, February 17 (HT Correspondent) The banks and financial institutions have asked the Reserve bank of India (RBI) to consider enhancing the proposed ceiling of 30 per cent sought to be imposed in insurance joint venture business. At a meeting held by the RBI here today, the banks and FIs' representatives argued that if 30 per cent equity cap is imposed then it will be difficult for them to exercise management control over the joint venture insurance companies. Some of the financial institutions have favoured being covered under the Insurance Regulatory Development Authority (IRDA) Act since they were not being covered under the Banking Regulation Act. As far as fees-based insurance business was concerned, the banks and Fis should be allowed to enter the insurance venture without any restrictions. "Only commercial considerations should matter" the banks representatives told the RBI top brass. The marathon meeting of the bankers and the FIs' representatives was jointly consulted by the three Deputy Governors, S.P.Talwar, Y.V.Reddy and Jagdish Capoor. An RBI news release said that based on inputs received from the bankers, the Reserve Bank would shortly finalise the guidelines for public sector and private banks seeking to enter the insurance sector in a big way using their vast retailing network. While foreign equity is capped at 26 per cent in insurance joint ventures under the IRDA's norms, banks and and FI s would have separate regulations put in place by RBI for insurance business. Apart from insurance business foray, the chief executives of public sector and private banks appraised the possibility of Securities Exchange Board of India (SEBI) imposing margins on them especially due to the volatility in stock markets. Some of the bankers, according to RBI news release, conceded that they were liberal in extending guarantees to brokers towards meeting the margin requirements in the stock exchanges. On the whole bankers have told RBI top brass that there was no cause for concern as they were not over-extended and enough safeguards have been taken. The bankers have felt that large chunk of funds to the stock markets have been flowing from other sources and not the banking side.

To: Mohan Marette who wrote (184)	2/17/2000 9:01:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 494

5 ICICI staff move court against retirement scheme Sujata A Singh Roy MUMBAI, FEBRUARY 17: Five ICICI employees have sought protection from the industrial court as well as the labour court from adversely changing their service conditions and terminating their employment by the management. The cases were filed on December 28 last year after ICICI launched the second round of voluntary retirement scheme (VRS). On the following day, the complainants secured an interim stay order from the courts. The five employees alleged that they were being harassed with all manner of threats including termination of service, indefinite working hours, transfer to group companies, transfer out of the city for refusing to accept the VRS. ICICI has denied all these allegations. ``The allegations made by the complainant employees including the specific complaints mentioned are false, baseless and are denied,' ICICI said. These employees in their petition filed in the industrial court alleged that the company was ``engaged in unfair labour practices under items 3, 9 & 10 of Schedule IV of the MRTU & PULP Act, 1971.' At the labour court, the staff alleged that ICICI was ``engaged in unfair labour practices under items 1 (a), (b), (d), (f) of Schedule IV of the MRTU and PULP Act, 1971.' ``There is no truth in the complaints of the complainant employees that the company is forcing them to take VRS. The VRS was offered to all employees who were eligible under the scheme. The benefits were availed of by 223 out of total 700 employees eligible under the VRS,' the term lending institution pointed out. ICICI said that ``the complainant employees are officers and not workmen. It is for the courts to decide whether they fall into the definition of workmen.' An ICICI spokesperson said as the company was remodelling on the lines of new generation banking with increased investment in technology, some employees did not possess the required skill. Hence, VRS was offered as an exit route. -Indian Express Newspapers (Bombay) Ltd.