SME Times is powered by   
Search News
Just in:   • US stocks rally amid trade optimism, economic data  • HDFC Bank's Q3 net profit up 20%  • Centre may miss divestment, fiscal deficit targets  • CII suggests measures to help MSME sector  • Imran Khan seeks expedition of CPEC projects 
Last updated: 18 Dec, 2018  

IDBI.9.Thmb.jpg HC rejects plea challenging LIC acquiring 51 per cent stake in IDBI

   Top Stories
» Centre may miss divestment, fiscal deficit targets
» CII suggests measures to help MSME sector
» FICCI for housing scheme for women garment workers
» India's debt up 50% to Rs 82 lakh cr under Modi govt
» Big relief to startups, investors as govt liberalises norms
SME Times News Bureau | 18 Dec, 2018
The Delhi High Court on Monday dismissed a plea challenging the LIC move to acquire 51 per cent stake in the government-owned IDBI Bank.

Justice Vibhu Bakhru dismissed the All India IDBI Officers Association plea challenging LIC purchasing the stake in the IDBI on the ground that change in shareholding could take away the public sector bank status.

The association had moved the court pleading that IDBI's loss of status as a "public sector bank" would adversely affect the employment conditions of its employees, especially the ones belonging to SC/ST and OBC categories.

The plea had also challenged the Centre's move to disinvest its stake in the public sector bank.

The Cabinet on August 1 approved the purchase of a controlling 51 per cent stake in the IDBI by the state-run LIC which would result in the government becoming a minority shareholder.

The nod was a bid to turnaround the loss making government-owned IDBI Bank struggling with accumulated bad loans.

IDBI's gross non-performing assets (NPAs), or bad loans, amounted to a staggering Rs 55,600 crore at the end of the fourth quarter ended March.
Print the Page
Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 20 Jan, 2019
  Daily Poll
Is counterfeiting a major threat to SMEs?
 Can't say
  Commented Stories
» HostBooks Ltd. offers a seamless GST filling experience: Kapil Rana(3)
» Ashok Leyland to launch 13-seater passenger vehicle, LCV(1)
» CII welcomes GST Council steps as MSME friendly(1)
» Hyperloop start-up Arrivo to shut down: Report(1)
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter