The IRDAI has reasons to believe that M/s Sahara India Life Insurance Co. Ltd., Registered and Corporate Office : #1, Sahara India Bhawan, Kapoorthala Complex, Lucknow 226024; Registration No. 127 dated 6th February 2004 is acting in a manner likely to be prejudicial to the interests of holders of life insurance policies. Accordingly, the IRDAI in exercise of powers under section 52 A of the Insurance Act, 1938 appoints Sri R.K. Sharma, GM (F&A-NL), IRDAI as Administrator for managing the affairs of M/s Sahara India Life Insurance Co. Ltd., with immediate effect.
The Administrator shall conduct the management of the business of the insurer as per applicable provisions under the Insurance Act, 1938.
The Policyholders of M/s Sahara India Life Insurance Co. Ltd. are hereby informed that the affairs of the insurer shall be managed by the Administrator. It will be the endeavor of the Administrator to ensure the servicing of the policyholders and to manage the affairs of the insurer in as smooth a manner as feasible.