SC refuses to grant interim aid on pleas searching for keep on LIC IPO share allotment 

By PTI

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 policyholders.

A bench of Justices DY Chandrachud, Surya Kant and PS Narasimha stated that the court docket must be reluctant to grant any interim aid in issues of business investments and IPO.

“We are not inclined to grant any interim relief,” the bench stated because it issued discover to the Centre and LIC on the batch of pleas searching for their response inside eight weeks.

The bench stated that on the facet of interim aid the court docket have to be guided by the well-settled precept of prima facie case, the steadiness of comfort and whether or not there’s any irreparable harm.

The LIC IPO opened on May 4 for retail and different buyers and is ready to be allotted on Thursday.

The bench famous that one of many pleas has challenged the interim order handed by the Bombay High Court and disposed it, saying the writ petition earlier than the excessive court docket can be transferred to the apex court docket.

The high court docket tagged the batch of pleas with a pending matter referred to a Constitution Bench on the problem of the passage of the Finance Act, 2021 as a cash invoice.