HC rejects plea against LIC move to acquire 51 pc stake in IDBI
The Delhi High Court on Monday dismissed a plea challenging the LIC move to acquire 51 per cent stake in the Industrial Development Bank of India (IDBI). Justice Vibhu Bakhru rejected the petition by the All India IDBI Officers Association, which had opposed the move of Life Insurance Corporation (LIC) on the ground that change in shareholding could take away the public sector bank status of IDBI.The association was concerned that taking away public sector status of IDBI could affect the employment conditions of its staff.LIC had earlier told the…
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