Jagson International exploring legal options against smear campaign: Official

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Chennai, March 22 (IANS) Jagson International Ltd will take legal action against those levelling false allegations against it or its officials, a senior company official said on Thursday.

“We are looking at legal options to protect our image and brand. We are involved in offshore drilling for oil and gas exploration which are critical activities,” Pradeep Gupta, Executive Director, told IANS over phone from New Delhi.

He said the London-based reinsurance broker Atkins Special Risks Ltd along with its Indian associate is indulging in a smear campaign to damage the name and reputation of Jagson and its Chairman with false and untruthful statements.

His cause of complaint finds its root in Atkins’ complaint to the Insurance Regulatory and Development Authority of India (IRDAI) and the recent decision of the Securities and Appellate Tribunal (SAT).

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In a complaint to IRDAI, Atkins said that between 2002 to 2012, it provided international reinsurance cover to Jagson. From 2010 onwards Jagson’s Gupta started demanding, through e-mails, a cut in Atkins commission.

In 2012, Jagson’s reinsurance business was given to Marsh.

Atkins hired a private investigation firm to find out any payment of kick-backs by Marsh to Gupta.

As per the SAT’s order, the investigation firm had confirmed kick-backs to Gupta for diverting the reinsurance business to Marsh from Atkins.

Atkins alleged that during the telephonic conversation, Gupta had said that Marsh had agreed to pay him $4,00,000 in order to obtain Jagson’s business.

The SAT, in its order, said Atkins had relied on documentary evidence in support of the contention that Gupta had sought a bribe and was bribed by the officers of Marsh for diverting the reinsurance business from the appellant to Marsh.

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Setting aside the IRDAI’s order, the SAT directed the insurance regulator for fresh orders on Atkins complaint on merits.

Gupta told IANS that Marsh is no more the company’s reinsurance broker.

“We go with people who offer best rates for insuring our assets,” he said.

–IANS

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