SC gives no relief to critics of LIC IPO

12-05-2022

New Delhi, May 12 (UNI) The Supreme Court on Thursday refused to grant interim relief to petitioners challenging the amendments to the LIC Act that facilitated the LIC IPO. "There is no merit in the petitions. We are not inclined to pass any order in these," a three-judge Bench headed by Justice Dr D Y Chandrachud said regarding the LIC IPO (Initial Public Offering) scheme. The other two judges were Justices Surya Kant and P S Narasimha. The petitioners moved the Supreme Court claiming that since Aadhar related Money Bill challenge was pending with a larger bench, this issue too must be decided by that bench. But the apex court refused to pass any interim order and refused to entertain the petitions. The petitioners are all policy holders of the Life Insurance Corporation (LIC). The petitioners said the amendments to the LIC Act seriously jeopardised the interests of participating policy holders. The Centre said the Money Bill was passed 15 months back on March 28, 2021 and the petitioners can't come to the court so late.