At a macro level the Union Budget 2012-13 is a balanced one. The Finance Minister has taken step to create an environment for sustainable growth. The marginal increase in exemption limit on personal taxation to Rs 2 lakh and realignment of tax slabs would leave more money in the hands of the consumers.
According to Sud, MYNL had sold most of its holding in Satyam immediately after the IT major made an aborted bid to acquire Maytas Infra and Maytas Properties for $1.6 billion on December 16, 2008. MYNL still holds 6,000 equity shares of Satyam.
The company, which recently approved a plan to invest an additional Rs 26 billion to take its total investment to Rs 36 billion by 2011-12, had deferred its target for breakeven for faster growth. Max New York Life Managing Director Rajesh Sud said the company would look at sum assured rather than the first year premium and added that "we are very comfortable being the number fifth or sixth on first year premium, provided we are retaining our clients."
The GST to be implemented from April 1, 2016, will increase the premiums.
Amitabh Chaudhry, who will now head the merged entity, will manage assets under management of about Rs 1.10 lakh crore and an employee base of 23,620 after the completion of the deal
In its complaint, Sebi had alleged that despite a public notice of December 18, 1997, accused had failed to get the CIS registered with Sebi or wind up the schemes or repay the amount collected from investors in terms of CIS regulations.
Inflow of more funds is likely to widen the reach of insurance and drive M&A activities in the sector where growth has stalled.
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