Central Bureau of Investigation (CBI) conducted raids on the premises of Oriental Insurance Company.
Dharani Mishra, CBI spokesperson said that Oriental Insurance gave credit-based insurance policies to Paramount Airways, without following any procedures.
The CBI suspects that M Ramadoss, former Chairman and Managing Director of Oriental Insurance Company, present Chairman of the The New India Assurance Co Ltd, entered into a conspiracy to favour Paramount Airways which is a low-cost airliner.
M Ramadoss, former Chairman and Manging Director of Oriental Insurance has also been the chairman of the governing body of General Insurers' (Public sector) Association of India (GIPSA). Mr Ramadoss takes over as the chairman with effect from 1 Jan 2007.
The post of CMD of New India Assurance Co Ltd fell vacant after the existing chairman of the association-B Chakrabarti, completed his term on 30.09.2009.
The Mumbai-based New India Assurance was headless for nearly two months, with A.R. Sekar, the company’s general manager, working as its acting chief. from 1.10.2009 to 31.12.2009
The normal practice is to transfer the senior-most among the chairmen-and-managing directors of the three other public sector general insurers — National Insurance, Oriental Insurance and United India Insurance — as the chief of New India Assurance.
Mr Ramadoss took charge in Oriental Insurance Company on January 12, 2005.
He joined Insurance Industry in 1976 as direct recruit Class I officer in New India Assurance Company and worked in various positions. In 2001, he was promoted as General Manager and posted to London Branch for 3 years. He returned to India and joined Head Office in the Middle of November, 2004.
Mr Ramadoss is a first class commerce graduate from Madras University and Chartered Accountant from Institute of Chartered Accountants of India. He is also Fellow of Insurance Institute of India and an Associate of Chartered Insurance Institute of UK.
Mr. Ramadoss has the unique experience of having worked in the Insurance Industry in different parts of the country and different fields like Operations, Investments, Finance and Information Technology.
He is:President, Insurance Institute of India
Chairman, Office of the Governing Body of Insurance Council
Chairman, Governing Board, National Insurance Academy, Pune
Chairman, The New India Assurance Company (Trinidad & Tobago) Ltd., Port of Spain
Director, Prestige Assurance Plc, Nigeria
Director, India International Insurance Pte. Ltd., Singapore
Chairman, Insurance Committee, Bombay Chamber of Commerce & Industry, Mumbai
Chairman, Insurance Committee, The Associated Chambers of Commerce & Industry of India, Delhi
Member, Reinsurance Advisory Committee, IRDA (Regulator)
Member, Policyholders’ Protection, Intermediaries etc. Regulations Advisory Committee, IRDA
......While Paramount Airways was preparing to re-launch flight services, the low-priced airliner pocketed a blow on July 18 when officers of CBI raided its office and house of its proprietors in Madurai.
The Economic Offences Zone of Delhi, CBI, carried out raids on the premises of two firms including Paramount Airways and Oriental Insurance Company Limited at six places in Mumbai, Chennai and Madurai.
CBI spokesperson Dharani Mishra stated, "Oriental Insurance gave credit-based insurance policies to Paramount without following any procedures. The CBI suspects that the former chairman and managing director of Oriental Insurance, M Ramadoss, entered into a conspiracy to favour Paramount."
Around 10 CBI functionaries took part in the raid. Sources stated that one group of six people reached the Paramount office at the airport at 7 a. m.
The group searched the office for some hours and left it around 1p. m. and joined another group, which was carrying out searches in the house of Paramount chairman M Thyagarajan at Thirunagar, Madurai.
It is discovered that the officers explored another house in Kochadai plus the properties of Thyagarajar Mills in Kappalur on the outskirts of Madurai.
Sources in the Paramount management refused the episode, saying that it was neither a raid, nor the officers were from the CBI.
A Paramount functionary stated, "We had applied for security clearance to relaunch our flight service shortly. The visit by the team was in connection with issuing of security clearance. This is part of the normal procedure."
----- EDITOR
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