IRDA's order on cancelling sale of pledged Reliance General insurance shares sets aside: SAT

INSURANCE ACT : Securities and Appellate Tribunal sets aside an order passed by Insurance Regulator IRDAI that had held that shares pledge by Reliance Capital (RCAP) to Nippon India Mutual Fund (NIMF) was 'Null and Void.'The observation in the impugned orders that the transfer/pledge of the shares in question were null and void ab initio was incorrect and to that extent, the order was to be set aside

from www.taxmann.com Latest Case Laws https://ift.tt/2VAlFTZ