Haryana blacklists SBI Life for delaying annuity payments
work amongst the selected insurance companies. A letter of intent (LoI) was issued to noticee on September 6, 2011.
The said LoI was also issued on specific and unambiguous stipulation that the LoI would be subject to execution of Service Level Agreement (SLA).
This was expressly communicated to the noticee that the government reserved its right to withdraw the said LOI in the event of failure of noticee to execute the Service Level Agreement, he added.
He said that the State Government in performance of its obligation as expressed under the LOI duly advanced payment in favour of noticee towards 50 per cent purchase consideration and allocated area of operation to noticee.
The noticee accepted the said advance payment knowing fully well that the state government has rejected its repeated requests for a change in the fundamentals of the EOI that is collection and validation of data, the official said.
In so far as the government was concerned, the issue relating to data was resolved, and the noticee had accepted the said condition of collection and validation of data, he further added.
He said that in furtherance of the agreed and accepted condition of LOI, the government vide its letter dated January 4, 2012 forwarded the SLA duly approved by it and called upon the noticee to sign the same with its concerned departments.
However, despite repeated reminders, including ones dated January 27, 2012 and February 3, 2012, for execution of the SLA, SBI Life failed to execute the same again for the same "frivolous"
