SC refuses interim relief in petitions challenging LIC IPO, issues notice to Centre
New Delhi, May 12: The Supreme Court has issued notice on pleas challenging the Central government's decision to trade five percent of its shareholding in LIC through IPO.
The apex court has refused to grant any interim relief and tagged the pleas with Rojer Mathew vs South Indian Bank Ltd. matter, which has been referred to larger bench.
A bench of Justices DY Chandrachud, Surya Kant, and PS Narasimha said that the court should be reluctant to grant any interim relief in matters of commercial investments and IPO.
"We are not inclined to grant any interim relief", the bench said as it issued notice to the Centre and LIC on the batch of pleas seeking their response within eight weeks.
The bench said that on the aspect of interim relief the court must be guided by the well-settled principle of prima facie case, the balance of convenience, and whether there is any irreparable injury.
The LIC IPO opened on May 4 for retail and other investors and is set to be allotted on Thursday.
The bench noted that one of the pleas has challenged the interim order passed by the Bombay High Court and disposed of it, saying the writ petition before the high court will be transferred to the apex court.
The top court tagged the batch of pleas with a pending matter referred to a Constitution Bench on the issue of the passage of the Finance Act, 2021 as a money bill.