Patanjali’s Ayurved’s foray into the health insurance segment remains uncertain, with Irdai yet to approve its proposed acquisition of Magma General Insurance even a year after the deal was announced. Sources attribute the delay in approval to regulator’s reservations regarding certain conditions of the ‘fit and proper’ criteria of incoming promoters. “The regulator typically takes a conservative view on promoter credentials, given the long-term nature of liabilities in insurance. Any ambiguity on capital backing or governance can delay approvals,” a person familiar with the matter said, requesting anonymity. However, an official source at Sanoti Properties said the transaction remains well on track.