- SC today refuses to stay share allotment under LIC’s initial IPO
- Issuing notice to the Center and LIC, seeking their response within eight weeks
- The bench said that in one of these petitions the interim order of the Bombay High Court has been challenged.
LIC IPO: If you have also applied for LIC’s IPO, then this news is related to your interests. The Supreme Court today refused to grant interim relief on petitions filed by certain policy holders of Life Insurance Corporation of India (LIC) and stay the allotment of shares under LIC’s initial public offering (IPO).
A bench of Justices DY Chandrachud, Surya Kant and PS Narasimha said the court should refrain from granting any interim relief in cases of commercial investments and IPOs. The bench said, “We do not want to give any interim relief.” However, the court has issued notices to the Center and LIC on these petitions and sought their response within eight weeks.
LIC’s IPO was open for retail and other investors on May 4 and the allotment of shares is to take place on Thursday. The bench said that in one of these petitions the interim order of the Bombay High Court has been challenged. Disposing of it, the court said that the writ petition filed in the High Court would be transferred to the Apex Court. The top court linked these applications with the petition pending before the Constitution Bench which deals with the issue of passing the Finance Act, 2021 as a money bill.