Page 9 - Insurance Times March 2023

for Finance Bhagwat Karad said Life the owners could face rigorous punish-
Insurance Corp (LIC) held Rs 35,917.31 ment," a source in the DGGI said. Attention Subscribers
crore in debt and equity of Adani group
According to Section 122 of the Cen- Please renew your Subscription of The
of companies as on December 31,
tral GST Act, "issuing an invoice with- Insurance Times Journal to receive
2022. This is 0.97 per cent of its total
out supply" attracts a penalty and im- copy of the journal uninterruptedly.
assets under management (AUM) of
prisonment up to five years if the
Rs 41.66 trillion. You can now pay by GPAY, Phonepe,
amount involved is Rs. 5 crore or
Paytm, Amazon, ICICI Pay, BHIM UPI
Karad also said that as per information above. The offence is not bailable.
received from state-owned general
The move is to widen the investigation
insurers, their exposure to Adani group
the DGGI has launched against insur-
of firms was even less.
ance companies allegedly paying com-
missions as high as 70 per cent to in-
Prosecution starts against termediaries like these and even offline
e-insurance intermediary agents.
Goods and services tax (GST) authori- The limit is 15 per cent, prescribed by
ties have initiated prosecution against the Insurance Regulatory and Develop-
a leading online insurance intermedi- ment Authority of India (IRDAI). Ex-
ary for allegedly generating bogus in- plaining the modus operandi, sources
voices of around Rs. 100 crore in the said insurance companies had formed
name of marketing and sales service. an arrangement with intermediaries
"to pass on ineligible input tax credit
The intermediary, based in Bengaluru,
(ITC)" in the guise of marketing service
got prosecution notice in January from
and raising fake invoices.
the Directorate General of GST Intelli-
gence (DGGI).Following this, the top These intermediaries generate two
management of the firm has been invoices, one under the pre-scribed
questioned. limit and the rest as marketing- or
sales-related spend, they said.
"The intermediary has been asked to
provide proof/evidence of the service DGGI sources said these companies
(they claimed) against which invoices had been using this method to take
were raised. In the absence of proof, ineligible ITC.

Gujarat HC tells oreva to pay Rs. 10 lakh each to Sashi Publications Easy Payment
Modes :-
kin of dead
i) UPI ID: SASHIBOOKS@KOTAK
The Gujarat high court ordered Oreva Group - managing the Morbi suspen-
ii) GPAY: 9830171022@okbizaxis
sion bridge when it collapsed on October 30, 2022- to pay Rs 10 lakh to the
iii) PAYTM: 9830171022@paytm
next of kin of the 135 persons killed, and Rs 2 lakh to the 56 injured, as
iv) NEFT: Current A/C
interim compensation.
402120110000327 of 'SASHI
The court perused compensation orders from cases such as the Bhopal gas
PUBLICATIONS PRIVATE
tragedy and the Uphaar Cinema fire holding private companies liable for
LIMITED, Bank of India, VVK
man-made calamities. The bench of Chief Justice Sonia Gokani and Justice
Road Branch., Kolkata, India,
Sandeep Bhatt then accepted 55% liability apportionment on the private
IFSC Code : BKID0004021
player.
v) Credit Card:
However, the bench only directed Oreva to match the compensation paid
www.sashipublications.com
by the state government and Centre combined at this juncture, keeping
For any query please call
the clock manufacturing company's liability at 50%
9073791022/9883398055
The state government has paid Rs 8 lakh and the Centre Rs 2 lakh as com-
www.sashipublications.com
pensation for each death, while those injured have received Rs 2 lakh each.
8 March 2023 The Insurance Times