Madras High Court dismisses challenge to LIC IPO

The petitioner L Ponnammal had challenged the provisions of the Finance Act, 2021 (2021 Act) and Life Insurance Corporation (LIC) Act, 1956 for being ultra vires Article 110 of the Constitution of India.

The Madras High Court on Monday refused to entertain a petition challenging the decision of the Central government to trade 5 percent of its shareholding in Life Insurance Corporation (LIC) through Initial Public Offering (IPO) [L Ponnammal v Union of India].

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