The Supreme Court admitted a writ petition against the initial public offering (IPO) of Life Insurance Corporation of India (LIC) that got over early this week.
The writ petition was filed by policyholders, said Thomas Franco Rajendra Dev, Joint Convenor of NGO People First and the case is listed for Thursday.
The petitioners have filed the case in the apex court to issue a writ of mandamus, to declare 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 characterised as ‘equity capital’, and to declare Sections 130, 131, 134, and 140 of the Finance Act, 2021 and Sections 4,5,24 ad 28 of the Life Insurance Corporation Act, 1956 (as amended by the Finance Act, 2021) to be void and inoperative for being ultra vires Articles 14 read with Article 300A of the Constitution.