IDBI acquisition: Delhi HC directs SEBI to examine complaint by minority shareholder against LIC

Aditi Singh November 5 2018

The Delhi High Court has directed the Securities and Exchange Board of India (SEBI) to examine a complaint made by a minority shareholder of IDBI Bank Ltd. The minority shareholder has alleged violation of the provisions of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011 by the Life Insurance Corporation (LIC) while acquiring shares in the debt-ridden Bank.

The minority shareholder, Satish Goggia, had moved the High Court under its writ jurisdiction seeking a direction to LIC to "offer a price of Rs. 76 . . .

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