Briefly Business

Briefly Business

Mahindra offers to resign from Nacil board
New Delhi: Mahindra & Mahindra vice-chairman Anand Mahindra on Monday offered to resign from the board of Nacil that runs state-owned carrier Air India, citing conflict of interest. In a letter to civil aviation minister Vayalar Ravi, he sought permission to step down from the board of National Aviation Company of India Ltd (NACIL). “The recently concluded Aero-India 2011 at Bangalore has thrown up business opportunities for my company Mahindra & Mahindra Ltd, which was a potential conflict of interest and thereby throw up questions of good board practice. Hence my request,” the letter said.

Insurance M&A norms to be out soon: Irda
Mumbai: The Insurance Regulatory and Development Authority (Irda) will come out with guidelines for mergers and acquisitions for the industry over the next two-three months, while the IPO norms will be out in the next 15-20 days, a senior Irda official said today. “We have been examining the pros and cons of the mergers and acquisitions in the industry and we are sure to come out with the final guidelines within the next two to three months,” Irda Member (Actuaries) R Kannan told reporters.

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