Idly and Sambhar

Typically, educational, charitable, research, training, scientific development institutions and other non-governmental or voluntary organizations in India are set up as companies established under section 25 of the Companies Act, 1956, or a society registered under the Societies Registration Act, 1860, or a charitable trust. Under section 25, a company can be incorporated for promoting commerce, art, science, religion, charity or any other useful object. It applies profits or other income for promoting these objects. Such a company, while prohibited from declaring dividends and using words "limited" or "private limited" in its name, enjoys a number of exemptions from the operative provisions of the Companies Act. Nevertheless, incorporation of a company under section 25 is a time-consuming process and typically takes anything between three and four months. Such companies are permitted to receive grants or donations from outside India. The grants and d...

Property insurance is a highly specialized line which requires various kinds of technical expertise in assessing a loss as well as settling a claim. The ‘insured’ in this case are usually commercial buildings, factories, godowns etc. and the goods/assets stored therein. Property insurance is also a high-value sector as it provides cover to heavy engineering projects, machinery, construction etc. which is often spread over a large geographical area. Valuation of the asset at the underwriting and the claims stage involves complicated stock accounting process which makes the nature of this business scientific and impersonal in comparison to other retail lines of insurance.  The quantum of loss in property insurance is usually very large with the value of claims can be very high worth hundreds of crores in a single location. For any damage exceeding 20,000, IRDA approved surveyors are appointed who serve as independent experts and are able to assess the damage on the basis ...