LIC IPO LATEST UPDATE: The Supreme Court on Thursday refused to grant relief to the petitioners on the petition of policyholders to stay the allotment of shares through LIC IPO. In the petition, there was a demand to stop the process of share allotment. However, the court has issued notice to the Center on petitions challenging the constitutional validity of the provisions of the Finance Act, 2021 and sections of the LIC Act.
According to reports, the Supreme Court has refused to interfere in the process of LIC’s IPO. In fact, it was said in the petition filed that changes in the LIC Act were made through the financial bill. The Supreme Court said on this that no interim order will be given in this matter. Apart from this, the issue of passing changes in the Aadhaar Act like a finance bill in Parliament is already pending, it will also be heard together. The bench said that it has asked the Center and LIC to issue notices on the petitions filed by the policyholders in the court and respond within eight weeks.
gave this decision
A bench of Justices DY Chandrachud, Surya Kant and PS Narasimha said the court should refrain from granting any interim relief on petitions filed in cases of commercial investment and IPOs. The bench said that in the matter of LIC IPO, we are not inclined to give any interim relief at present.
It is worth mentioning that the country’s largest IPO was open for retail and other investors for subscription on May 4 and closed on May 9. The allotment of shares has been done on Thursday.
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