DAILY CURRENT AFFAIRS

By admin: June 2, 2024

Appointment of Sandeep Batra as Chairman of ICICI Prudential Life

Tags: Economy/Finance Person in news

Sandeep Batra's appointment as Chairman of the Board of Directors of ICICI Prudential Life Insurance Company Limited has been approved by the Insurance Regulatory and Development Authority of India (IRDAI).

An Overview of the News

• Batra will assume the role following the retirement of M S Ramachandran, who has reached the maximum age limit of 75 years. Batra's appointment will take effect from 30 June 2024.

About Sandeep Batra:

• Long-Term Association: Batra has been associated with ICICI Group since 2000.

• Executive Director at ICICI Bank: He has served as an Executive Director on the Board of ICICI Bank since 2018.

• Board Memberships: Batra serves on the boards of ICICI Prudential Life Insurance, ICICI Lombard General Insurance, ICICI Prudential Asset Management, and ICICI Ventures.

• Founding Member: He was one of the founding members of ICICI Prudential Life, holding the position of Chief Financial Officer (CFO) from September 2000 to 2006.

• Previous Roles: Batra has held various positions including Executive Director and Board member from January 2014 to July 2018, and also served as a Group Compliance Officer at ICICI Bank.

About M. S. Ramachandran:

• Non-Executive Independent Director: Ramachandran is the current Non-executive Independent Director and Chairman of the ICICI Prudential Board.

• Corporate Leadership Experience: He has previously served as the Chairman of Indian Oil Corporation Limited, Chennai Petroleum Corporation Limited, among others.

• Involvement in Governance: Ramachandran has been a Member of the Governing Council of India Habitat Centre.

• Directorship at ICICI Bank: Additionally, he has served as a Director on the Board of ICICI Bank Limited.

About ICICI Prudential Life

• It was established on July 20, 2000, as a public limited company according to the Companies Act of 1956.

• Operations began in 2001 following its incorporation.

• The company is jointly promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited.

• Mr. Anup Bagchi serves as the Managing Director and CEO.

• The headquarters of ICICI Prudential Life is located in Mumbai, Maharashtra.

CCI Approves Major Acquisitions in Financial and Pharmaceutical Sectors

Tags: Economy/Finance

Competition Commission of India (CCI) approved the acquisition of up to approximately 11% shareholding by South Korea Based Shinhan Bank Co., Ltd. in HDFC Credila Financial Services Limited.

An Overview of the News

• Shinhan Bank is part of the Shinhan Financial Group, which has been operating in India since 1996.

• HDFC Credila is a registered non-deposit taking Non-Banking Financial Company (NBFC) that provides education loans in India and overseas.

Matrix Pharma's Acquisition of Tianish Laboratories:

• CCI granted approval for Matrix Pharma Private Limited to acquire 100% stake in Tianish Laboratories Private Limited.

• Mudhra Labs Private Limited, the parent company of Matrix Pharma, will make a partial investment in optionally convertible debentures to support the transaction.

• Kingsman Wealth Fund PCC's investment in Compulsory Convertible Preference Shares (CCPS) of Mudhra Life Sciences, Matrix Pharma's parent company, was also approved by CCI on May 28, 2024.

• The funds from these investments will be utilized by Matrix Pharma for the acquisition of Tianish Laboratories.

• Incorporated in 2023, Tianish Laboratories Private Limited is engaged in the manufacture and sale of active pharmaceutical ingredients in India.

About CCI

• CCI, under the Ministry of Corporate Affairs, enforces the Competition Act of 2002.

• It ensures fair competition and investigates cases hindering market competition.

  • Formed -14 October 2003

  • Headquarters - New Delhi

  • Chairperson - Ravneet Kaur

  • Secretary - Jyoti Jindgar Bhanot

CCRAS Launches PRAGATI-2024 to Revolutionize Ayurveda Research and Innovation

Tags: Science and Technology

The Central Council for Research in Ayurvedic Sciences (CCRAS) has introduced the Pharma Research in AyurGyan And Techno Innovation (PRAGATI-2024) initiative to advance the future of Ayurveda.

An Overview of the News

• The launch event occurred on May 28, 2024, at the India Habitat Centre in New Delhi and was inaugurated by Dr. Vaidya Rajesh Kotecha, Secretary of the Ministry of Ayush.

• This initiative seeks to enhance research and innovation in Ayurveda by promoting collaboration between CCRAS and the Ayurveda drug industry.

• CCRAS aims to engage every stakeholder by offering scholarships, thereby helping students appreciate the importance of research.

About CCRAS

• Parent Body: Ministry of AYUSH, Government of India

• Location: New Delhi, Delhi

• Autonomy: CCRAS operates as an autonomous body under the Ministry of AYUSH.