Finally IRDAI promotes an official as per HC order

Finally


Chennai, April 26 : In line with the Telangana High Court's order but with delay, the Insurance Regulatory and Development Authority of India (IRDAI) has promoted S.N. Jayasimhan as the Chief General Manager (CGM). As per the IRDAI order, Jayasimhan has been promoted to the grade of CGM with effect from 25.4.2022 in deference to the order of Telangana High Court dated 28.10.2021, sources told IANS. Last year, the court had held that the IRDAI's then Chairman did not have the authority to relax the qualifications for selecting a person to the post of CGM. As per the IRDAI norms, only a Fellow Chartered Accountant (FCA) can be considered for the post of CGM while the action of the Chairman in relaxing FCA to CFA/ICWAI (Chartered Financial Analyst/Institute of Cost and Works Accountants of India) and providing appointment to another is without jurisdiction and arbitrary. The high court ordered that Jayasimhan, FCA, is the only person qualified and the IRDAI shall consider his case for the post of CGM forthwith with all consequential benefits. It also set aside the promotion orders of Mamata Suri, holding that she does not possess the FCA qualification and her promotion is illegal. The court also held that the power of relaxing the qualification is not vested with the IRDAI Chairman since no resolution to that effect has been passed. Hence the action of the Chairman in relaxing FCA to CFA/ICWAI and promoting Suri is contrary to law, arbitrary, and without jurisdiction. On her part, Suri preferred an appeal against the Single Judge's order. The Bench ordered an interim suspension of the Single Judge order, but added its order does not come in the way of the IRDAI promoting Jayasimhan in the existing vacancies. /IANS




Related

Bitcoin trading platform Bitpanda lays off 250 employees
New Delhi, June 25 : Global Bitcoin trading platform Bitpanda has laid off 250 employees amid the crypto winter as digital coins crash. Billiona

Indian space sector's first half eventful outside the launch pad
By Venkatachari Jagannathan Chennai, June 25 : The first half of 2022 for the Indian space sector was eventful largely outside of the rocket launch

Tesla employees' electric dream meets sudden crash in mass layoffs
San Francisco/New Delhi, June 25 : As Elon Musk announced to cut 10 per cent of Tesla workforce, those who were fired took to social media and profess