HC dismisses appeal against LIC move to acquire 51 pc stake in IDBI

NEW DELHI: A bench of Chief Justice Rajendra Menon and Justice V K Rao of Delhi High Court dismissed an appeal against its single judge order rejecting a plea challenging the LIC’s move to acquire 51 per cent stake in the Industrial Development Bank of India (IDBI).

The court said the single judge had considered all aspects before denying any relief to the All India IDBI Officers Association, which had opposed the Life InsuranceCorporation (LIC) move on the ground that change in shareholding could take away IDBI’s public sector bank status.

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