Supreme Court refuses to stay LIC IPO

In a big relief to Life Insurance Corporation of India (LIC), Supreme Court on Thursday refused to stay the ongoing initial public offering (IPO) of the country's top insurer. LIC is likely to finalise the share allotment of its mega IPO by the end of the day, reports NDTV.
"We can't give any interim relief in this matter. There are more than 7.3 million applicants already subscribed to the IPO. This is a matter of investment and we can't give any relief in it," the top court stated.
However, the court has issued notice to the government on petitions challenging the constitutional validity of certain sections' provisions of the Finance Act, 2021 and LIC Act 1956, seeking a reply in four weeks.
The decision was taken by a bench of Justices DY Chandrachud, Surya Kant and PS Narasimha.