MACT Orders Rs 19.97 Crore Payout to Credit Suisse Executive Injured in Mulund Accident
The Mumbai Motor Accident Claims Tribunal (MACT) has directed Future Generali India Insurance Company Ltd. to pay Rs 19.97 crore in compensation to a Credit Suisse executive who suffered 82% permanent disability in a road accident near the Kamgar Hospital signal at Mulund (West) on L.B.S. Marg. The tribunal also ordered the insurer to pay the compensation along with 7.5% annual interest from the date the claim petition was filed.
The victim, 54-year-old Rasik Bindumadhav Joshi, was the Director and Head of Dealing at Credit Suisse Securities India Pvt. Ltd. On January 2, 2022, Joshi was travelling in an auto-rickshaw on L.B.S. Marg towards Bhandup. The auto-rickshaw driver, who was driving at a high speed in a rash and negligent manner, lost control of the vehicle near Mulund (West) and rammed into the rear of a BEST bus, causing the auto-rickshaw to overturn.
Following the crash, Joshi was rushed to Fortis Hospital, where he was admitted until January 12, 2022. He later underwent further treatment at Jupiter Hospital from April 29 to May 30, 2022. Joshi spent nearly Rs 50 lakh on medical treatment, a special diet, and conveyance, and subsequently sought Rs 20 crore in compensation for his injuries.
Joshi sustained severe injuries, including spinal fractures, paraplegia, a brain contusion, an aortic rupture, and loss of movement in both lower limbs. A government medical board certified that he had suffered 82% permanent locomotor disability. Because Joshi is now confined to a wheelchair and lost his job, the tribunal treated his condition as 100% occupational disability.
A major portion of the final award was Rs 19.17 crore granted for the loss of future income. The tribunal calculated this using Joshi's post-tax annual income of Rs 1.93 crore, applying a multiplier of nine and adding 10% for future prospects starting from the 2025-26 financial year.
In addition to the loss of income, the tribunal awarded Rs 67.65 lakh for medical expenses, Rs 10 lakh for pain and suffering, Rs 1.80 lakh for a special diet, and Rs 53,286 for conveyance.
Future Generali contested the claim, arguing that the BEST bus driver was at fault and that the auto-rickshaw driver lacked a valid driving licence and permit. However, the tribunal rejected these objections, noting that the insurer failed to provide evidence to back its claims, and relied on the FIR and spot panchnama to hold the auto-rickshaw driver responsible.
