Statement from Sahara on SAT Proceedings on IRDA order

PRESS NOTE
SAHARA LIFE INSURANCE SUCCEEDS AGAINST IRDA ORDER
SAT QUASHED IRDA ORDER TRANSFERING BUSINESS
In a significant judgement, Securities Appellate Tribunal, (SAT), today, quashed the order dated July 28, 2017 passed by Insurance Regulatory Development Authority transferring the Life Insurance business of Sahara Life Insurance to an outside insurer, namely – ICICI Prudential Life Insurance Co. Ltd.
SAT while allowing Sahara's appeal, expressed serious concern over the manner Insurance Authority acted in the matter against Sahara Life and considered the said action of Insurance Authority highly fatal and irregular so as to vitiate the very appointment of the Administrator and all his further actions, in the facts and circumstances of the case. SAT opined that the report of the Administrator should have at least been supplied to Sahara Life before passing the impugned order.
Sahara Life Insurance got a major respite and its stand was vindicated by SAT, when it remanded and restored the whole matter to the file of the IRDA with a direction to proceed from the stage of seeking a representation/response from Sahara Life on the Administrator’s report in question as well as providing opportunity of being heard to Sahara Life and its stake holders, in consonance with the principles of natural justice and directing to complete the hearing as per law within three monthsfrom the date of receipt of Sahara ’s reply to the Administrator’s report in question as per law and after giving opportunity of hearing to them.

It was contended by Sahara Life in the said appeal that the Insurance Authority had illegally and with malafide intent transferred its business to an outside insurer, namely – ICICI Prudential Life Insurance Co. Ltd. without affording any opportunity of hearing to it and the Administrator appointed by the Insurance Authority was acting in concert for the benefit of a third party, who recommended the other options but unilaterally recommended for transfer of business.

‘Sahara Milan’ yatra at Ranchi




Saharasri Subrata Roy Sahara, Managing Worker & Chairman, Sahara India Pariwar, during the course of his ‘Sahara Milan’ yatra today at Ranchi to announce the commencement of Sahara India Pariwar's 40th anniversary. More than 20 thousand employees of Sahara India Pariwar, from all over Jharkhand, being addressed by Saharasri Subrata Roy Sahara, in Prabhat Tara Maidan, at Ranchi.

‘Sahara Milan’ yatra at Ahmedabad







Saharasri Subrata Roy Sahara, Managing Worker & Chairman, Sahara India Pariwar, during the course of his ‘Sahara Milan’ yatra today at Ahmedabad to announce the commencement of Sahara India Pariwar's  40th anniversary. More than 5 thousand employees of Sahara India Pariwar, being addressed by Saharasri Subrata Roy Sahara, at GMDC, Gujarat University Convention & Exhibition Centre, Ahmedabad.

‘Sahara Milan’ yatra at Patna





Saharasri Subrata Roy Sahara, Managing Worker & Chairman, Sahara India Pariwar, during the course of his ‘Sahara Milan’ yatra today at Patna to announce the commencement of Sahara India Pariwar's  40th anniversary. More than 5 thousand employees of Sahara India Pariwar, being addressed by Saharasri Subrata Roy Sahara, at Bapu Sabhagar, in Patna.

‘Sahara Milan’ yatra at Muzaffarpur






Saharasri Subrata Roy Sahara, Managing Worker & Chairman, Sahara India Pariwar, during the course of his ‘Sahara Milan’ yatra today at Muzaffarpur to announce the commencement of Sahara India Pariwar's 40th anniversary. More than 15 thousand employees of Sahara India Pariwar, of Samastipur and Muzaffarpur, being addressed by Saharasri Subrata Roy Sahara, at The Icon, in Muzaffarpur.

‘Sahara Milan’ yatra at Gorakhpur


Saharasri Subrata Roy Sahara, Managing Worker & Chairman, Sahara India Pariwar, during the course of his ‘Sahara Milan’ yatra today at Gorakhpur to announce the commencement of Sahara India Pariwar's  40th anniversary. More than 8 thousand employees of Sahara India Pariwar, being addressed by Saharasri Subrata Roy Sahara, at Champa Devi Park, in Gorakhpur.

‘Sahara Milan’ yatra at Lucknow


Saharasri Subrata Roy Sahara, Managing Worker & Chairman, Sahara India Pariwar, during the course of his ‘Sahara Milan’ yatra today at Lucknow to announce the commencement of Sahara India Pariwar's  40th anniversary. More than 8 thousand employees of Sahara India Pariwar, being addressed by Saharasri Subrata Roy Sahara, at Sahara Shaher Auditorium, at Gomti Nagar, Lucknow.