Centre decision to dilute stake in IDBI challenged in Delhi HC

Aditi Singh August 25 2018

The Delhi High Court today issued notice to the Central Government and the Life Insurance Corporation of India (LIC) in a plea seeking to prevent the Government’s move to dilute its stake in IDBI below 51%, and the subsequent acquisition of that stake by LIC.

Justice Vibhu Bakru also asked LIC to file an affidavit stating why it would not be bound by The Insurance Act, 1938 and its regulations which do not allow insurance companies to hold more than a 15% stake in . . .

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