New India Assurance chairman M Ramadoss suspended.

Wednesday 17, August, 2011 The government has suspended New India Assurance chairman M Ramadoss for alleged violations in issuing insurance cover to an airline during his stint as head of another state-run insurer. The Central Bureau of Investigation (CBI) is examining Ramadoss' role in irregularities in granting credit insurance cover to Paramount Airways when he was chairman and managing director of general insurance firm Oriental Insurance. "We have suspended Ramadoss till the time the investigation is on. Further decision will be taken once the investigation is over. In the meantime, Srinivasan, chairman of United India Insurance, will hold the interim charge," a senior government official told ET. A CBI official confirmed the development saying, "We are looking into the matter. The residence of Ramadoss was raided."

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