SAT stays order on Sahara Life

Giving a week’s relief to Sahara India Life Insurance (SILIC), the Securities Appellate Tribunal (SAT) on Monday stayed the IRDAI decision to sell the business of the Sahara group company to ICICI Prudential Life Insurance.

The tribunal fixed the next hearing in the matter for August 7 when it will decide on the maintainability of the petition filed by SILIC against the IRDAI order.

A two-member bench of the SAT, comprising Justices C.K.G Nair and Jog Singh, without admitting the petition by Sahara Life, ordered a status quo in the matter. Last Friday, the regulator had asked ICICI Prudential to take over the assets and liabilities of Sahara Life from July 31.

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