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The Insurance Regulatory and Development Authority of India (Irdai) has imposed a penalty of Rs 1 crore on Care Health Insurance citing violations of norms and directed the company to buy back 7.66 million shares allotted to Rashmi Saluja at Rs 45.32 per share, within 30 days.
Earlier, the regulator had disallowed the health insurer from allotting Employee Stock Ownership Plans (ESOPs) to Saluja as a non-executive director on the board of the company.
Additionally, Irdai has directed Care Health to cancel and revoke stock options to Saluja which remain unexercised and also ensure that no further grant and/or allotment of options are made to her. The company needs to comply with the order within 15 days.
The regulator also added that any decision by the board of the insurer, including remuneration, payment, perquisites, or any other benefit, monetary or otherwise, to any board member, managing director, and chief executive officer (MD & CEO) should only be implemented after prior approval from the Irdai.
First Published: Jul 23 2024 | 9:02 PM IST
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