Home Business LIC IPO: SC refuses to grant interim aid on pleas looking for keep on LIC IPO share allotment | India Enterprise Information

LIC IPO: SC refuses to grant interim aid on pleas looking for keep on LIC IPO share allotment | India Enterprise Information

LIC IPO: SC refuses to grant interim aid on pleas looking for keep on LIC IPO share allotment | India Enterprise Information

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NEW DELHI: The Supreme Court on Thursday refused to grant any interim aid 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 court docket ought to be reluctant to grant any interim aid in issues of business investments and IPO.
“We’re not inclined to grant any interim aid”, the bench mentioned because it issued discover to the Centre and LIC on the batch of pleas looking for their response inside eight weeks.
The bench mentioned that on the side of interim aid the court docket should be guided by the nicely settled precept of prima facie case, steadiness of comfort and whether or not there’s any irreparable damage.
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 court docket will likely be transferred to the apex court docket.
The highest court docket tagged the batch of pleas with a pending matter referred to a Structure bench on the problem of passage of the Finance Act, 2021 as a cash invoice.

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