LIC’s IPO opened to retail and other investors on May 4th and is scheduled to allot on May 12th.
LIC’s IPO opened to retail and other investors on May 4th and is scheduled to allot on May 12th.
The Supreme Court on May 12 refused to grant injunctive relief and stay the stock allotment of Life Insurance Corporation’s (LIC) IPO on a number of pleas filed by some policyholders.
A series of Justices DY Chandrachud, Surya Kant and PS Narasimha said the court should hesitate to grant injunctions in matters of commercial investments and IPOs.
“We are not inclined to grant injunctions,” the bank said when notifying the center and LIC of the series of pleas requiring its response within eight weeks.
The board said that the court must be guided by the well-established principle of appearances, the balance of expediency and whether there is irreparable damage in relation to interim relief.
LIC’s IPO opened to retail and other investors on May 4th and is scheduled to allot on May 12th.
The bank noted that one of the pleas challenged and dismissed the injunction issued by the Bombay Supreme Court, saying the written petition to the Supreme Court will be forwarded to the Supreme Court.
The Supreme Court flagged the series of pleas with a pending matter referred to a constitutional chamber in relation to passage of the Finance Act 2021.
