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sahara: SC sets aside SAT stay on Sahara Insurance biz transfer to SBI Life

The Indian Supreme Court has overturned an appellate tribunal s decision to stay an IRDAI order directing Sahara India Life Insurance to transfer its business and accounts to SBI Life Insurance as its financial position deteriorates. The Supreme Court noted the tribunal can hear the application for a stay afresh on 3 August and that Sahara s request will be considered independently and in accordance with the law.

sahara: Siphoned off policyholder funds: Supreme Court on Sahara India Life

Sahara India Financial Corporation, the major shareholder of Sahara India Life Insurance, is in for a scolding from the Supreme Court. The corporation has been criticised for failing to recover Rs 78.15 crore ($11m) from the insurance company. The court called the corporation a "gross defaulter" that had "siphoned off" funds from the insurance firm s policyholders.

SAT stays IRDAI order transferring Sahara Life business to SBI Life

SAT stays IRDAI order transferring Sahara Life business to SBI Life
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