MAM
Liberty General Insurance appoints Parag Ved as director & CEO designate
Mumbai: Liberty General Insurance, one of the leading general insurance companies in India, has roped in Parag Ved as its director & CEO designate, effective from 20 September. Prior to joining Liberty, he was the president of consumer lines at Tata AIG General Insurance.
In a career that has spanned over 24 distinguished years, Ved has dedicated almost two decades exclusively to the insurance industry, holding senior leadership roles in prestigious organizations including ICICI Lombard General Insurance. Known for his dedication to innovation and excellence and his expertise in managing various strategic channels, Ved has showcased his prowess in the General Insurance industry.
Ved’s trajectory in the insurance sector has showcased his ability to drive sustainable growth by innovating and tailoring products to the unique demands of the Indian market. His tenure with industry stalwarts amply demonstrates his proficiency and efficacy in managing diverse strategic channels. Mr. Ved holds a bachelor’s degree in Electronics Engineering from K.J Somaiya College of Engineering, Mumbai, and a master’s in management from SVKM’s Narsee Monjee Institute of Management Studies (NMIMS).
Welcoming the new director & CEO designate, Liberty Mutual Insurance president – Asia Retail Markets Defne Turkes said, “We are pleased to welcome Parag Ved to Liberty General Insurance. His vast experience and his visionary approach uniquely position him to lead the future of Liberty General Insurance in India. His inclusion not only marks the dawn of an exciting new chapter but also reinforces our unwavering dedication to offering top-tier insurance solutions to our customers. We look forward to his contributions and innovations that will certainly propel the company to newer heights and achieve sustainable profitable growth.”
Commenting on his appointment, Ved said, “Over the last few years Liberty has carved a niche for itself, and it is indeed a privilege to lead the organization, especially in the given interesting times and evolving insurance landscape. As the industry undergoes rapid transformations, my focus will be on harnessing innovation, reinforcing operational efficiency, and optimizing stakeholder engagement. Further, leveraging a data-driven approach would emphasize continually refining and expanding the product offerings to align with customer needs and industry standards. I am looking forward to working closely with the team. Together, I believe we can make a significant contribution towards taking Liberty to new heights. As we progress, the commitment remains unyielding to also align strategies and operations with the regulator’s goal of achieving widespread insurance coverage across the nation by 2047.”
Ved takes on the role following the retirement of Roopam Asthana, who was instrumental in establishing Liberty’s business operations in India. Under Asthana’s visionary leadership for over a decade, the company thrived and has set significant industry benchmarks.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
