Home India Ministry of Finance In exercise of the powers conferred by Article 121 of Memora...
Date: 2018-12-04 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by Article 121 of Memorandum and Articles of Association of the New India Assurance Company Limited

Issued by Ministry of Finance · Department of Financial Services

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Executive Summary & Key Takeaways

This notification, S.O. 6031(E), issued by the Department of Financial Services, Ministry of Finance, on December 4, 2018, announces the appointment of Shri Atul Sahai, General Manager of Oriental Insurance Company Limited (OICL), as Chairman-cum-Managing Director (CMD) of the New India Assurance Company Limited (NIACL). The appointment is made in exercise of the powers conferred by Article 121 of the Memorandum and Articles of Association of NIACL. Shri Sahai's tenure is for a period of five years from the date of the notification, up to the date of his superannuation, or until further orders, whichever is earliest. His scale of pay will be Rs. 2,05,400-2,24,400. The notification is referenced as F.No. A-15011/07/2013-Ins.II and is issued by Debasish Panda, Additional Secretary.

Key Entities Referenced

New India Assurance Company Limited: A government owned general insurance company in India, also referred to as NIACL in the document. Atul Sahai: Appointed as Chairman-cum-Managing Director (CMD) of New India Assurance Company Limited (NIACL). Oriental Insurance Company Limited: A government owned general insurance company in India, where Atul Sahai was serving as General Manager, also referred to as OICL in the document. Ministry of Finance: The ministry responsible for financial matters in the Government of India, which issued the notification. New Delhi: The location where the notification was issued. Article 121 of Memorandum and Articles of Association of the New India Assurance Company Limited: The article that confers powers used for the appointment of Atul Sahai. Debasish Panda: Additional Secretary who signed the notification.
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