SC refuses interim relief in LIC IPO

  • May 13, 2022
  • Posted by: admin1
  • Category: DPN Topics
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SC refuses interim relief in LIC IPO

Subject: Polity

Section: Parliament

Context: SC refuses interim relief in LIC IPO matter, issues notice to Centre

More about the issue:

  • The Supreme Court on Thursday refused to grant any interim relief in a matter pertaining to the Life Insurance Corporation of India (LIC) initial public offering (IPO) issue.
  • And issued notice to the Centre on petitions challenging the constitutional validity of provisions of certain sections of Finance Act, 2021 and certain provision of LIC Act 1956.
  • The petitioner in Madras High Court was filed by L Ponnammal, a LIC policyholder, challenging the passing of the Finance Act, 2021 as a money bill and as the petitioner stated that the provisions were introduced by a Money Bill despite amendment does not fall in the category of Money Bill.
  • The petition sought to declare sections 128 to 146 of the Finance Act, 2021 as ultra vires Article 110 of the Constitution of India.
Polity SC refuses interim relief in LIC IPO