Supreme Court orders insurance board to issue license of practice to Mahalaxmi Life Insurance Company for the second time

For the second time, the Supreme Court has ordered the issue of license to Mahalaxmi Life Insurance. Earlier, the insurance board had denied license to the company as it was unable to achieve minimum paid up capital requirement in the given time upon which the Supreme Court has ruled against the insurance board.

After a month’s time, the finance ministry had asked the insurance board not to issue the license for the reason that the company is not willing to work in cooperation with the insurance board, which the Supreme Court has ruled against the ministry and in favor of the company.

On Ashoj 6^th, representative of Mahalaxmi Life Insurance had requested a writ against the decision of the insurance board which was ruled in favor of the company.

Initially, representative of Mahalaxmi Life Insurance, Mr. Manoranjan Raman Sharma had filed for writ against the finance ministry and the insurance board for denying issue of license without any probable cause, on Ashoj 27^th 2074.  During last Kartik, the Supreme Court has issued an interim decision of not to deny the company the license of practice.

The final verdict of the Supreme Court was to complete all the formalities and procedure to issue the license of practice to Mahalaxmi Life Insurance.