Delhi High Court dismisses appeal against LIC move to acquire 51% stake in IDBI
Updated : December 21, 2018 12:10 PM IST
A bench of Chief Justice Rajendra Menon and Justice VK Rao said the single judge had considered all aspects before denying any relief to the All India IDBI Officers Association, which had opposed the Life Insurance Corporation (LIC) move on the ground that change in shareholding could take away IDBI's public sector bank status.
The association, in its appeal, told the bench that LIC's move to acquire 51 per cent stake in the IDBI violated provisions of the Insurance Act.
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