In Brief
Marsh India Insurance Brokers sought to quash a remand order issued by the Securities Appellate Tribunal directing the IRDA to reinvestigate complaints of bribery allegedly committed to obtain a reinsurance brokerage contract from Jagson International Limited. The IRDA had dismissed the original complaint by M/s. Atkins Special Risks Ltd for lack of substantiating evidence. The Supreme Court held that the Tribunal wrongly interfered with the IRDA's fact-finding. The materials presented—primarily emails and an alleged telephonic conversation—did not constitute cogent evidence warranting investigation. The Court set aside the Tribunal's order and upheld the IRDA's dismissal.
The lawyer headnote and full judgment text are available to registered users.