The Authority had suspended the broking license of the above broker on 5th May, 2004 on account of its selling its the entire shareholding to M/s. Berger Paints India Ltd. without prior approval of the Authority.
The promoters approached the Authority with new shareholders holding shares in the following manner :
Principal Group |
: 26% |
Punjab National Bank |
: 30% |
Berger Paints India Ltd. |
: 25% |
Vijay Bank |
: 19% |
Total |
=100% |
and requested the Authority for revival of insurance broker license vide their application dated 25th June, 2004. They also requested for Authority’s approval for the name change of the broking company from Avani Insurance Services Pvt. Ltd. to M/s. Pnb Principal Insurance Advisory Company Pvt. Ltd. to reflect the changes in broking company after its takeover. The new name was duly approved by the Authority vide its letter dated 9th June, 2004 to M/s. Pnb Principal Insurance Advisory Company Pvt. Ltd.
The Authority on processing the said application and examining the issue, is satisfied that the broking company has fulfilled the requirements for conduct of broking operation as stipulated under the IRDA (Insurance Brokers) Regulations, 2002.
In view of the above and after considering all the relevant facts, the Authority hereby revokes the suspension on License No. 204 and permits the broking company now known as M/s Pnb Principal Insurance Advisory Co. Pvt. Ltd. to carry on its normal activities as a direct insurance broker with immediate effect.
(Mathew
Verghese)
Member