IRDA slaps Rs 20 lakh fine on Bharti

Insurance regulator IRDA has slapped a fine of Rs 20 lakh on Bharti Enterprises-promoted Bharti Axa Life Insurance Company and Bharti Axa General Insurance Company for not disclosing changes in the ownership pattern. Both Bharti Axa Life Insurance Company and Bharti Axa General Insurance Company have been asked to pay a penalty of Rs 10 lakh each. However, Bharti AXA General Insurance MD and CEO Amarnath Ananthanarayanan said, No transfer of shareholding or shares has taken place in our general insurance and life insurance joint ventures. We will take up the matter with the IRDA and present the facts. We ...

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