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LIC News

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

The IDBI, in which the government holds 85.96 per cent stake, had posted a net loss of Rs 2,409.89 crore in the quarter ended June 2018. It had posted a gross non-performing asset (NPA) of about Rs 57,807 crore.

Delhi HC rejects plea against LIC move to acquire 51 per cent stake in 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.

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IL&FS crisis: 'Name us but why didn’t Centre name shareholder directors'

Five independent directors on the erstwhile board have written to the newly appointed chairman Uday Kotak on October 2 raising several red flags and elaborating on constraints of long-term finance that plague the infrastructure sector.

IL&FS: Institutions get a breather, board revamp to ease pressure on lenders

When contacted, the top official of a financial institution said: “We have escaped (from bailing out IL&FS) for the time being. It was a good decision by the government to reconstitute the IL&FS board.”

We will not let IL&FS collapse, says LIC, largest shareholder

Incidentally, IL&FS and its subsidiaries Tuesday filed a petition with the Mumbai Bench of the National Company Law Tribunal (NCLT) seeking to restructure debt under Section 230 of the Companies Act 2013.

Government entities to lose big if IL&FS defaults on its debt

The list includes General Insurance Corporation, LIC, SBI Employees Pension Fund, Postal Life Insurance Fund, NPS Trust, Oriental Insurance Company and United India Insurance among others.

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‘LIC to rescue IL&FS; revival plan approved’

LIC managing director Hemant Bhargava who was the non-executive chairman of IL&FS, has stepped down from the position with immediate effect, but will continue to be on the board as a director.

LIC may offer a lifeline if IL&FS has a revival plan

IL&FS has a debt pile of Rs 91,000 crore, with Rs 57,000 crore due to banks, mostly to state-run lenders. Its roads development subsidiary has a debt burden of Rs 35,000 crore.

Cabinet allows LIC to raise stake in IDBI bank to 51 per cent

Depending upon the price at which preferential shares are issued, the IDBI Bank may get capital infusion of around Rs 13,000 crore while its management and ownership control will shift to LIC.

Don’t see problem in getting RBI nod for LIC-IDBI Bank deal, says official

LIC meets the RBI requirements of acquiring a banking company and it should pass through the “filter tests” of the RBI, said a senior government official.

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