LAW GENERAL UNIT-4 CHAPTER-8 AUCTION 9 SARFEASI ACT 10 INSURANCE: COMPLETE E-BOOK
UNIT-4
CHAPTER-8 TO 10
AUCTION
WHAT IS AN AUCTION?
• Auction is an process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder. An auction is generally an event in which goods are sold to the highest bidder. By being open to the public, an auction ensures a wide range of bids, and sometimes items at auction can fetch surprisingly high prices. The bidders, in turn, create their own market, determining on an individual basis how much they want to pay for an item, rather than having prices dictated by the seller.
• Its a billion dollar industry and emerging on and on as there are many industries, countries and places or domains where auctions are not used.
• An auction is generally an event in which goods are sold to the highest bidder. By being open to the public, an auction ensures a wide range of bids, and sometimes items at auction can fetch surprisingly high prices. The bidders, in turn, create their ………….. READ MORE
THE SECURITISATION & RECONSTRUCTION OF FINANCIAL ASSETS &ENFORCEMENT OF SECURITY INTEREST ACT, 2002
(SARFEASI ACT)
DEFINITIONS
As per section 2 of SARFEASI Act. Definitions.—(1) In this Act, unless the context otherwise requires,—
(a) “Appellate Tribunal” means a Debts Recovery Appellate Tribunal established under sub-section (1) of section 8 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993);
(b) “asset reconstruction” means acquisition by any 2[asset reconstruction companies]of any right or interest of any bank or financial institution in any financial assistance for the purpose of realization of such financial assistance;
3[(ba) “asset reconstruction company” means a company registered with Reserve Bank under section 3 for the purposes of carrying on the business of asset reconstruction or securitisation, or both;]
(c) “bank” means—
(i) a banking company; or
(ii) a corresponding new bank; or
(iii) the State Bank of India; or
(iv) a subsidiary bank; or 4[(iva) a multi-State co-operative bank; or]
(v) such other bank which the Central Government may, by .…………….. READ MORE
INSURANCE
WHAT IS INSURANCE
Insurance is considered as a social device whereby a large group of individuals or an organization through a system of equitable contribution called premium may reduce or eliminate certain measurable risks of economic loss.
An insurance Policy is a contract of Indemnity, that is to say, a legal agreement wherein, in consideration of payment of premium by the insured, one party, that is the insurer, undertakes to indemnify the other party that is the insurer, any loss or damage caused by fire or other insured peril to specified property. In the vent of loss, payment by the insured and is subject to the sum insured under the policy and the terms and conditions as laid down in the policy. The rights and duties of the contracting parties are also stated in the policy.
It is the business of the insurer to cover himself. It is for this purpose that he has to value the risk by considering the probabilities of loss. This is the process of ascertaining a reasonable premium with reference to the actuaries to measure the risk which is often done on the basis of the information in the light of past experiences.
The insurer calculates the premium according to the probable maturity and the extent of risk for which the insurer desires to be protected. The risk of loss is co……………… READ MORE
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