M&A

M&A

Undone: SAT stays Irdai order transferring Sahara India Life Insurance Co biz to SBI Life

Economic Times  

The Securities Appellate Tribunal (SAT) has stayed the insurance regulator's order directing the transfer of policy liabilities of around two lakh policies along with assets of Sahara India Life Insurance Co Ltd to SBI Life Insurance Company. The order comes after Sahara India Life filed an appeal against an order passed by the Insurance Regulatory and Development Authority of India (Irdai). Irdai, in its order on June 2, ordered for transferring the entire business of Sahara India Life to SBI Life. Further, the books of accounts, and bank accounts were also to be transferred. The decision was based on the alleged deteriorating financial health of Sahara India Life.