SAT adjourns hearing on SBI Life petition

The petition which was admitted on April 20 could not come up for hearing on Tuesday as IRDA was not ready in the case.

By: ENS Economic Bureau | Mumbai | Updated: May 6, 2015 2:08 am

The Securities Appellate Tribunal (SAT) has adjourned the hearing on a petition filed by SBI Life against the Insurance Regulatory and Development Authority to July 9.

The petition which was admitted on April 20 could not come up for hearing on Tuesday as IRDA was not ready in the case.

SAT has been so far hearing appeals against orders passed by the Sebi, but the new insurance laws have made provision for the Tribunal to hear cases against IRDA as well. In May 2014, IRDA directed SBI Life to refund Rs 275 crore to the holders of Dhanraksha Plus policies.

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