The Supreme Court recently set aside the order of the Securities Appellate Tribunal (SAT) that had stayed an order of the Insurance Regulatory and Development Authority Of India (IRDAI) directing.
A two-judge bench of the apex court observed that the SAT passed the stay order without providing any reason and thus asked the tribunal to decide the case afresh on August 3.
The matter, along with another appeal, will be further considered and argued on August 3, 2023. JP Sen, Senior Advocate, represented Sahara Life in the proceedings, the spokesperson said.
It is not a merger of two life insurance companies but only the transfer of life insurance business and policyholder assets and liabilities of Sahara India Life Insurance to it, SBI Life Insurance said on Friday.