372) On April 25, 1995, MIBL was placed into involuntary liquidation in the Bahamas and Liquidators were appointed.
In September 1995, the Bahamian Liquidators filed an ancillary proceeding under section 304, seeking a stay of all actions against MIBL and the turnover of all of MIBL's U.
A confidential letter to the company last December said that the Bank of England had found "prima facie evidence of illegal deposit-taking in the UK" by MIBL.
The Bank of England nevertheless suggested MIBL, Meridien International Credit Corporation, and other related entities should be removed from the UK.
Mahindra's reach, ethics and ethos make it an ideal partner for us and the MIBL team has an outstanding track record of driving growth, profitability, and impact.
Building on Mahindra Finance's extensive rural footprint, MIBL aims to become India's leading insurance broker by 2015.
It will purchase an additional 5% stake in MIBL
from Mahindra Finance (taking its total equity stake in MIBL
to 20%), and immediately sell the entire capital of IRPL to XL Group, subject to necessary regulatory approvals.
This "Pay-As-You-Can" model will enable any service provider to offer its customers a seamless, hassle-free and transparent buying and claims experience, facilitated by MIBLs
wide network of 400+ locations across India, and its in-house Customer Contact Centre.
has been a profit-making and dividend-paying company from year one.
During the year, MIBL
crossed a milestone of 1-million of insurance cases serviced, reaching 1,068,577 nos.
Iyer said, "Our focus through MIBL
will now be to offer additional rural products and livelihood products at an affordable price.
is playing a significant role in the insurance broking industry in India with a focus on adding value to customers through innovative solutions, superior services and driving positive change in the lives of people, said LeapFrog President Andrew Kuper, We are keen to support the next leap of reach, performance and innovation for this outstanding business.