The Supreme Court on Thursday refused to grant any interim relief and stay on the Life Insurance Corporation’s IPO share allotment based on a batch of pleas filed by some policyholders.
A bench of Justices D.Y. Chandrachud, Surya Kant, and P.S. Narasimha said that the court should be reluctant to grant any interim relief in matters of commercial investments and IPO.
“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. We, therefore, decline interim relief," the bench said.
It issued a 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 High Court on the issue.
The apex court directed that replies be filed in eight weeks and rejoinder affidavits be filed thereafter in four weeks as it tagged the present proceedings with the pending matter on the issue of money bill before the larger bench.
