lic: SC refuses to grant interim relief on pleas seeking stay on LIC IPO share allotment – Times of India

NEW DELHI: The Supreme Court on Thursday refused to grant any interim reduction and keep the Life Insurance Corporation (LIC) IPO share allotment on a batch of pleas filed by some coverage holders.
A bench of Justices DY Chandrachud, Surya Kant and PS Narasimha mentioned that the courtroom needs to be reluctant to grant any interim reduction in issues of economic investments and IPO.
“We’re not inclined to grant any interim reduction”, the bench mentioned because it issued discover to the Centre and LIC on the batch of pleas searching for their response inside eight weeks.
The bench mentioned that on the side of interim reduction the courtroom have to be guided by the properly settled precept of prima facie case, steadiness of comfort and whether or not there may be any irreparable harm.
The LIC IPO opened on Could 4 for retail and different traders and is about to be allotted on Thursday.
The bench famous that one of many pleas has challenged the interim order handed by the Bombay Excessive Court docket and disposed it, saying the writ petition earlier than the excessive courtroom shall be transferred to the apex courtroom.
The highest courtroom tagged the batch of pleas with a pending matter referred to a Structure bench on the difficulty of passage of the Finance Act, 2021 as a cash invoice.

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