The Government has granted Madhulika Bhaskar, General Manager, New India Assurance (NIA), the additional authority of Chairman and Chief Executive Officer (CMD) of the company for a period of three months or until appointed to a regular post with immediate effect.
“The Cabinet Appointments Committee (ACC) has approved the Department of Financial Services’ proposal to delegate financial and administrative powers and functions to the post of Chairman and Chief Executive Officer (CMD) of New India Assurance Company Limited (NIACL). for a surcharge, for a period of three months,” said an order from the Human Resources and Training Directorate on Tuesday.
While Bhaskar was transferred from GIC Re to NIA in March to become an acting CMD of the company, she was not given the necessary powers to serve as the company’s CMD.
Currently, the Government cannot make a regular appointment as CMD of a general insurance company of the PSU as the case “Inderjeet Singh v. Government of India” is pending in the Delhi High Court, which has the Banks Board Bureau (BBB)’s power of selection any CMD is challenged. On Monday, the Delhi HC adjourned the case to September 8th.
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