Sahara Group may contest IRDAI order
DSIJ Intelligence / 31 Jul 2017
To contest the order of the Insurance Regulatory and Development Authority of India (IRDAI), Sahara Group is planning to approach the court of law.
To contest the order of the Insurance Regulatory and Development Authority of India (IRDAI), Sahara Group is planning to approach the court of law. In a statement following IRDAI’s order dated July 28, the group said Sahara Life business is being wrongfully given to ICICI Prudential Life Insurance, reported a leading news agency.
IRDAI had directed ICICI Prudential Life Insurance to take over the life insurance business portfolio of Sahara India Life Insurance Company (SILIC) with effect from July 31, 2017.
In terms of Section 52 B (3) of the Insurance Act, 1938, this order is binding on all persons concerned and shall have effect notwithstanding anything in the memorandum or articles of association of Sahara India Life Insurance Company.
Sahara Group has been reeling under financial troubles ever since its chief Subrata Roy was arrested in 2014 in a case of non-refund of almost Rs 20,000 crore to investors. Sahara Mutual Fund’s licence was cancelled by Securities and Exchange Board of India in 2015.
If you want to stay updated with the share market news today, keep a close watch on the indian stock market today with real time movements like sensex today live and overall stock market today trends. Investors tracking ipo allotment status, ipo news today, or the latest ipo india can also follow daily updates along with bse share price live data. Whether you are learning how to invest in stock market in india, preparing for a market crash today, or searching for the best stocks to buy in india, insights on top gainers today india, top losers today india, trending stocks india and long term stocks india help in making informed investment decisions.