The apex court, in its order, said it could not find any documentary evidence on which the SAT had come to the conclusion that the reinsurance business of Jagson International Ltd was obtained by Marsh India by illegal means as alleged by its rival, the London-based reinsurance broker Atkins Special Risks Ltd.
The Marsh India Insurance Brokers had approached the Supreme Court against the SAT's order.
The apex court's recent order is the final setback for SAT in the case.
Earlier the Supreme Court had expunged the SAT's remarks against the former Member (Non-Life), Insurance Regulatory and Development Authority of India (IRDAI) P.J. Joseph as `uncalled for and deserve to be set aside" on an appeal by the IRDAI.
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