Refer to the news item published in fauji reporter dated 26 April Allegation of Financial Mismanagement Causing losses to Army Group Insurance Fund Surface? @adgpi. The news was first reported by wire in March 2019.
I bestowing full trust in AGIF and Indian Army, request clarification on following questions to dispel apprehensions among contributors of funds serving and retired both?
1. Legally what is status of AGIF? is it Insurance Company regulated by IRDA or a Bank governed by RBI or a chit fund society or any other society? Has AGFI has been exempted by any special law of parliament from following any regulation?
2. We don’t find any information of AGIF in public domain. It had a website before but same is not existing now? Why are information regarding AGIF not put in public domain for information of serving soldiers as well as retired?
3. What is the MOA of the AGIF? Can it be shared in public domain?
4. How are board of directors appointed and other advisory committee formed?
5. What are the rights of soldiers and veterans as contributors of fund?
6. Why are annual audited reports of AGIF not put in public domain for information of serving soldiers and veterans?
7. Is there any annual meeting of stakes holders held?
8. Why are soldiers forced to pay heavy premium on war insurances which is a work related risk and as per best practices world over, soldiers pay for their term insurance but war related risks premiums are paid by govt?
9. How is amount of premium fixed? Are any professionals of actuarial science hired to work our premiums?
10. How are decision for investment taken? How was decision to invest in IL&FS bonds traded in market, taken? These are not govt bonds? IL&FS has foreign stake holders with minority share of Govt of India, its balance sheet was in red? Was any due diligence done before putting any money in their bonds?
11. What is policy of investment in private entity like IL&FS?
12. How much money is invested in financial instruments? Can investment profile be shared in public domain for information of soldiers and veterans?
13. What action has been taken to recover losses? it is heard that Govt of India has taken over the company? Has govt of India taken liability of payment to AGIF? What are the terms of GOI taking over IL&FS?
I have full confidence in professionalism of Army and AGIF and seek answers to above questions to further develop trust bonds. I request that @adgpi gives information in public domain. Finding no contact e mail id of AGIF as no website exists, I am putting this request in public domain and submitting it through twitter.
I shall be grateful
IC 43058 L, Col Ashok Kumar Singh; Veteran
1002, 4 S AWHO Colony
Gurjinder Vihar, Greater Noida