Chennai, Jul 31 (IANS): The Sahara group on Sunday said it would approach the court against insurance regulator's order of transferring life insurance policies of Sahara India Life Insurance Company Ltd to ICICI Prudential Life Insurance Company Ltd.

In a statement, the group said: "Sahara will pursue its remedy, against such approach of IRDAI, in the court of law."

"IRDAI (Insurance Regulatory and Development Authority of India) appointed administrator for the reason best known to them and the said administrator secretly submitted a report to the IRDAI for transferring the business of Sahara Life to any other entity.

"Even any copy of the administrator's report was neither provided to Sahara Life, nor was it granted any opportunity of hearing on such report or before passing the order of transfer of business to any third entity. The company has never acted in any manner prejudicial to the interest of the policy holders," the statement said.

Referring to IRDAI's charge of Rs 78 crore being siphoned out of Sahara India Life, the statement said: "In fact this amount was kept as security deposit to one entity - Sahara India - who has provided furnished, computerised office accommodation in around 150 places."

According to the Sahara group, this arrangement is very beneficial for Sahara India Life while IRDAI concluded in such unwise manner.

"This security deposit amount is absolutely repayable to Sahara Life," the statement said.

The group said Sahara India Life has been doing business since 2004 and since last seven years running continuously in profit and has been in absolute and strict compliance of all regulatory norms/directions issued by IRDAI.

The statement said the life insurer's asset is more than its liability and there was not a single complaint of non-payment by any policy holder.