NEW DELHI: In a relief to Religare Enterprises chairperson Dr Rashmi Saluja, the Securities Appellate Tribunal (SAT) has stayed for 12 weeks the Insurance Regulatory and Development Authority of India (IRDAI) order directing Care Health Insurance to buy back 75,69,685 shares of CHIL allotted to and revoking unexercised and / or unvested stock options of Dr Rashmi Saluja.
The SAT also directed Dr Rashmi Saluja to not deal with the 75,69,685 shares of CHIL in any manner and maintain status quo in respect of these shares and not exercise option in respect of unexercised and, or unvested stock options of CHIL. The SAT also stayed the Rs 1 crore penalty simposed on CHIL by the insurance regulator subject to the condition that the company deposit 50% of the penalty amount within four weeks of the order.