- (1.) All these three petitions under Article 226 of the Constitution of India purporting to be public interest litigation, have been filed by the same petitioner - Sambhaji Savakar Jadhav, mainly alleging violation of Guidelines for Foreign Direct Investment (FDI), particularly the Guideline imposing 26% Cap on FDI in Insurance Sector.
(2.) In PIL No.34 of 2013, the petitioner is complaining about alleged violation of FDI Regulations by Future Generali Life Insurance Company Ltd. (Future Generali) and for seeking suspension of its licence and for removing its Directors and members of the Managing Committee.
(3.) In PIL No.42 of 2013, the petitioner is seeking a direction against Insurance Regulatory & Development Authority (IRDA) to : (i) levy monetary penalty on Future Generali for alleged FDI violation; (ii) to conduct probe into capital structuring by Future Generali and to direct IRDA to withhold its approval to the transaction of stake sale by Future Generali's any of the insurance ventures or by any other promoters to any entity; (iii) on the ground of illegal transactions undertaken by Participatie Maathaschappij Graafschaap/Generali) to direct IRDA to deny the continuation of the business by the said Company or any of their group company.;