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SC LIC News: Supreme Court rejects demand for stay on LIC IPO share allotment

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New Delhi: The Supreme Court refused to give relief to the LIC policy holder. Petitioner policy holders filed an application LIC IPO There was a demand to stop the allotment of shares (LIC IPO). The Supreme Court has refused to grant relief on the petition of the petitioner.

Supreme Court Justice DY Chandrachud (Justice DY Chandrachud) said that the court should refrain from passing any interim order in the matter of commercial investments and IPOs. We do not want to give any interim relief. However, during the hearing of the petition, the Supreme Court has issued a notice to LIC and the Central Government and asked them to file a reply.

LIC’s IPO was opened for other investors and retail investors on May 4 and the allotment of its shares is to be done on Thursday. The Supreme Court has said that the High Court petition related to this matter should be transferred to the Supreme Court. It is worth noting that such a petition is pending in the Bombay High Court. The Supreme Court has already tagged the petition with a pending petition challenging the passage of the Finance Act 2021 as a money bill.

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