Supreme Court Refuses To Halt LIC IPO

The Apex Court refused to grant any relief to the petitioner.

The Supreme Court today refused to halt the process of the LIC IPO and said that it would give not interim relief to the petitioner. The court tagged the matter issue with the Finance Act 2021 as money bill with the case pending before the Constitution bench.

The Supreme Court has yesterday admitted Writ Petition No. WP© 366 / 2022 filed by Policy Holders across the country represented by Mr. Thomas Franco Rajendra Dev and others. This case was listed for today. The advocate on record is Mr. S. Prasanna and Senior Council Dr. Indira Jaising appeared for the petitioners.

The prayer of the petitioners were –

A. Issue a Writ Petition in the nature of mandamus declaring Section 5 of the Life Insurance Corporation Act, 1956 (as amended by the Life Insurance Corporation (Amendment) Act. 2011) to be void and inoperative to the extent the capital of the corporation is characterized as ‘equity capital’

B. Issue a Writ in the nature of mandamus declaring Sections 130,131,134 and 140 of the Finance Act, 2021 and Sections 4,5,24 and 28 of the Life Insurance Corporation Act, 1956 (as amended by the Finance Act, 2021) to be void and non operative for being ultra vires Articles 14 read with Article 300A of the Constitution of India;

C. Issue a Writ in the nature of mandamus declaring Part III of the Chapter VI of the Finance Act, 2021 to be void ab initio for the certification of the Finance Bill, 2021 as a Money Bill to be in violation of and ultra vires Article 110 of the Constitution of India;

D. Issue a Writ in the nature of mandamus directing the Respondent Nos. 1 & 2 to not take any steps on the basis of or in furtherance of the amended Sections 4,5, 24 and 28 of the Life Insurance Corporation Act, 1956 including the ongoing initial public offering of the Life Insurance Corporation.

E. Issue a Writ in the nature of mandamus directing the respondent Nos. 1 & 2 to immediately issue all necessary communications to authorities including the SEBI, IRDAI and the general Public that the ongoing initial public offering of the Life Insurance Corporation is rescinded in view of the orders of this Hon’ble Court.

The petitioner in this case, Joint Convenor of People First, D. Thomas Franco, told www.indianpsu.com that while no interim relief was granted by the Supreme Court, the case has been admitted and notices have been issued to Government of India and LIC. He added that they would proceed with the case and also start a nation-wide campaign.

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