Sahara Group likely to challenge IRDAI order

India Infoline News Service | Mumbai | July 31, 2017 08:55 IST

Sahara Group is planning to approach the court of law against IRDAI’s recently issued order.

Sahara Group is planning to approach the court of law against IRDAI’s recently issued order. In a statement following IRDAI (Insurance Regulatory and Development Authority of India) order dated July 28, the group said Sahara Life business is being wrongfully given to ICICI Prudential Life Insurance, reported leading news agency.
 
Insurance Regulatory and Development Authority of India (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.

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