SC refuses to stay LIC IPO process
New Delhi, May 12
The Supreme Court on Thursday refused to stay the Life Insurance Corporation (LIC) IPO share allotment on a batch of pleas filed by some policyholders, saying the court should be reluctant to grant any interim relief in matters of commercial investments and IPOs.
The LIC IPO opened on May 4 for retail and other investors and shares were to be allotted on Thursday.
“We are not inclined to grant any interim relief,” a Bench led by Justice DY Chandrachud said even as it issued notice to the Centre and LIC on a writ petition filed by some policyholders and on an appeal filed against the judgment of the Madras High Court and transferred to itself a plea pending before the Bombay HC on the issue. “Having regard to the facts which have been drawn to the notice of the court, we are of the considered view that no case for the grant of interim relief is made out,” it said.
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