SC refuses interim relief in LIC IPO
- May 13, 2022
- Posted by: OptimizeIAS Team
- 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.