Sahara india news

In a big relief to Sahara India Life Insurance Co Ltd, the Securities Appellate Tribunal (SAT) on Tuesday stayed regulator Irdai's order directing the transfer of policy liabilities of around two lakh policies along with assets of Sahara Group firm 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, bank accounts, etc were also been directed to be transferred. The decision was taken at the meeting of the Irdai given the deteriorating financial health of Sahara India Life. In its order on Tuesday, the appellate tribunal stayed "the effect and operation of the impugned order dated June 2, 2023, till further orders of this Tribunal". The matter is now listed for further consideration and arguments on August 3. Sahara India Life, in a separate statement, said that prima facie principles of natural justice weren't adhered to. It, further said that Sahara India Life is taking all possible actions as per applicable law to ensure that the best interest of its policyholders is secured. In March 2017, a show cause notice was issued after that Irdai appointed an administrator under the Insurance Act on June 12, 2017. Besides, another order was passed on June 23, 2017, directing the appellant (Sahara India Life) to o...

NEW DELHI: The Appearing for SFIO, solicitor general Tushar Mehta requested Chief Justice In its special leave petition against the HC’s interim order of December 13, the SFIO said the Registrar of Companies had received a large number of complaints from investors about non-payment of their investment proceeds even after maturity. RoC, Mumbai, inquired into the complaints and in a report of August 14, 2018 had recommended to the Union government to initiate investigations into affairs of Sahara Q Shop Unique Products Range Ltd, Sahara Q Gold Mart Ltd and Sahara Housing Investment Corporation. On October 31, 2018, the ministry of corporate affairs had assigned the probe to SFIO, which during the investigations found that Sahara India Commercial Corporation Ltd, Sahara India Financial Corporation Ltd and Sahara India Real Estate Corporation Ltd had collected Rs 14,100 crore, Rs 17,500 crore, and Rs 19,400 crore from public under the guise of different schemes promising higher returns to investors. “But, investors were not paid the maturity amount and were forced to convert their deposits into then prevailing schemes of other group entities/companies,” it said and alleged that apart from these six, three other group companies — Aamby Valley Ltd, Qing Aamby City Developers Corporation Ltd and Sahara Prime City Ltd — were also involved in the fraud. SFIO said all the nine companies were intertwined and the investigations revealed huge inter-company investments/advances. On Octo...

MUMBAI: The Securities Appellate Tribunal (SAT) has stayed the order by the Insurance Regulatory and Development Authority of India (Irdai), transferring the business of Sahara India Life Insurance (SILICL) to SBI Life. This is the second time that the appellate body has stymied the regulator’s move to transfer Sahara’s business to another insurer. In its order dated June 2, Irdai had transferred the entire business of Sahara Life to In its order, the tribunal noted that Irdai’s earlier order that Sahara Life was no longer a ‘fit and proper’ promoter has been challenged by the appellant in the SAT. “Considering the aforesaid and the fact that the earlier direction of the respondent in transferring the business to ICICI Prudential Life Insurance was set aside in 2018, and since then, no steps have been taken to transfer the policies, we find it strange that such steps have been taken after a gap of fiveyears and that too without granting an opportunity of hearing,” the tribunal said in its order. The tribunal added that there was no “tearing urgency” in transferring the policies when the respondent (Irdai) had earlier directed by its order dated June 23, 2017, to service existing policyholders and collect renewal premiums was still continuing. “SILICL is taking all possible actions as per applicable law to ensure that the best interest of its policyholders is secured. The said matter, along with another appeal, is now listed for further consideration and arguments on August...

In a big relief to Sahara India Life Insurance Co Ltd, the Securities Appellate Tribunal (SAT) on Tuesday stayed regulator Irdai’s order directing the transfer of policy liabilities of around two lakh policies along with assets of Sahara Group firm 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, bank accounts, etc. were also been directed to be transferred. Also Read: Reportedly, the decision was taken at the meeting of the Irdai given the deteriorating financial health of Sahara India Life. In its order on Tuesday, the appellate tribunal stayed “the effect and operation of the impugned order dated June 2, 2023, till further orders of this Tribunal". The matter is now listed for further consideration and arguments on August 3. Sahara India Life, in a separate statement, said that prima facie principles of natural justice weren’t adhered to. It, further said that Sahara India Life is taking all possible actions as per applicable law to ensure that the best interest of its policyholders is secured. “The said actions of the market regulator (IRDAI) were duly challenged by SILICL before the Hon’ble SAT. The Hon’ble SAT questioned the high-handed actions of the market regulator as well as agreed with SILIC...

Jan 17, 2023, 08:24 (IST) Mahagama Deepika Pandey, a Congress MP from Jharkhand, has asked the state's Chief Minister Hemant Soren to help 16 crore people who have invested in schemes run by sahara india Cooperatives (SIC). Deepika Pandey says she has written a formal letter to Soren on January 14 to pursue the case with the Central Registrar in New Delhi to help depositors get their money back. The company owes about Rs. 50000 crore to scores of beneficiaries in the states. A delegation of all India Jan andolan Sangharsh Morcha (AISIM) met Deepika Pandey with their concerns and issues regarding sahara india Scam in January. The members of the Morcha told her that about 13 crore depositors, mainly the poor and middle class people, have invested in several financial schemes run by the company over the years. The documents given by them revealed that about 16 crore people have lost their money which is in tune of about a whopping Rs. 50000 crore. Following successive courts' rulings in regard to sahara india Scam, the Central Registrar in Delhi had on September 24, 2020 frozen financial activities of sahara india Cooperatives directing it to stop taking any deposit or deposit renewal from existing or new depositors. However, TNN / Dec 24, 2022, 08:37 (IST) A businessman has filed a complaint accusing a group of cheating him to the tune of Rs 44 lakh. He said that he was approached by an agent of the group in 2000 to invest in the company's schemes, and started investing in t...

10 Crore Investors Of 4 Sahara Group's Cooperative Societies To Get Back Money Within 9 Months: Government The Centre had sought money from the Sahara-SEBI escrow account that was formed after the top court in August 2012 directed two Sahara firms -- Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing India Corporation Limited (SHICL) -- to refund investors • • • • • Sahara Group The government on Wednesday said money will be returned to 10 crore investors of 4 cooperative societies of Sahara group within 9 months following a Supreme Court order directing transfer of Rs 5,000 crore from Sahara-SEBI refund account to the Central Registrar. Earlier in the day, the Supreme Court allowed a plea by the Centre seeking allocation of Rs 5,000 crore, out of Rs 24,000 crore deposited by the Sahara group with market regulator SEBI, to repay depositors of the cooperative societies. The direction came on an application filed by the Centre in a PIL by a person, named Pinak Pani Mohanty, who sought a direction to pay the amount to the depositors who invested in several chit fund companies and Sahara credit firms. A bench of Justices M R Shah and C T Ravikumar said the amount shall be disbursed to depositors duped by the Sahara group of cooperative societies. The entire process will be monitored by former apex court judge Justice R Subhash Reddy, the bench said. In a statement, the Ministry of Cooperation said the Supreme Court, while giving a historic decision, order...