Mumbai MACT Awards ₹19.97 Crore Compensation To Credit Suisse Executive Disabled In 2022 Road Accident

Mumbai, July 7, 2026: The Mumbai Motor Accident Claims Tribunal (MACT) has directed Future Generali India Insurance Company Ltd. to pay compensation of Rs 19.97 crore to a 54-year-old Mulund resident who suffered 82% permanent disability in a road accident in 2022.

The tribunal further directed the insurance company to pay the compensation along with 7.5% annual interest from the date of filing of the claim petition until its realisation.

Tribunal Awards Compensation

The case dates back to January 2, 2022, when Rasik Bindumadhav Joshi, Director (Head of Dealing) at the investment banking firm Credit Suisse Securities India Pvt. Ltd., met with an accident while travelling in an auto-rickshaw on L.B.S. Marg towards Bhandup. According to the claim petition, the auto-rickshaw driver was driving at a high speed and in a rash and negligent manner.

“When the auto-rickshaw reached near Kamgar Hospital signal at Mulund (West), the driver, due to excessive speed, lost control of the vehicle and rammed into the rear of a BEST bus. The impact caused the auto-rickshaw to overturn, resulting in Joshi sustaining grievous injuries,” the petition stated.

Joshi was immediately shifted to Fortis Hospital, where he remained admitted until January 12, 2022. Subsequently, for further treatment, he was admitted to Jupiter Hospital from April 29 to May 30, 2022.

The petition stated that Joshi spent nearly Rs 50 lakh on medical treatment, a special diet, conveyance and other related expenses. He consequently sought Rs 20 crore as compensation for the injuries suffered in the accident.

Insurer's Objections Rejected

The tribunal noted that Joshi sustained multiple serious injuries, including spinal fractures, paraplegia, brain contusion, aortic rupture and loss of movement in both lower limbs. A government medical board certified that he had suffered 82% permanent locomotor disability.

Observing that Joshi is now confined to a wheelchair and has lost his job due to the accident, the tribunal treated his condition as 100% occupational disability.

The insurance company contested the claim, arguing that the BEST bus driver was responsible for the accident and that the auto-rickshaw driver did not possess a valid driving licence, permit or fitness certificate. It also contended that the claim was defective because the BEST bus driver and its owner had not been impleaded as parties.

The tribunal rejected these objections, observing that the insurer had failed to produce evidence to substantiate its allegations. It relied on the FIR, spot panchnama and other documentary evidence to conclude that the accident occurred due to the rash and negligent driving of the auto-rickshaw driver.

Future Income Considered

A major component of the award was Rs 19.17 crore towards loss of future income.

The tribunal relied on Joshi's income tax returns and noted that his post-tax annual income was Rs 1.93 crore. Since he continued earning for three years after the accident, the tribunal calculated the loss of future income from the financial year 2025-26 onwards.

Applying a multiplier of nine and adding 10% towards future prospects, the tribunal assessed the loss of future earnings at Rs 19.17 crore.

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Apart from this, the tribunal awarded Rs 67.65 lakh towards medical expenses, Rs 10 lakh for pain, suffering, loss of amenities and reduced expectation of life, Rs 1.80 lakh towards a special diet, and Rs 53,286 towards conveyance and ambulance charges.

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