IDBI-LIC

Axis Finance, IDBI Bank & IDBI Trusteeship Services have withdrawn their petitions before the appellate tribunal NCLAT filed against the NCLT order approving the merger of Zee Entertainment with Sony Pictures Networks India. The National Company Law Appellate Tribunal (NCLAT) allowed the withdrawal of the petitions noting that the NCLT earlier this month had already recalled its earlier order of August 10, 2023, approving the merger of Zee Entertainment with Sony Pictures Networks India. "Learned counsel for the appellants submit that NCLT has already withdrawn the merger scheme. Hence the appellants pray that they may be permitted to withdraw the appeals. Prayer is allowed," said an NCLAT bench comprising Chairperson Justice Ashok Bhushan and Member Barun Mitra. Earlier this month, the Mumbai bench of the National Company Law Tribunal (NCLT) recalled its order passed on August 10, 2023, in which it had approved the merger of Zee Entertainment with Sony Pictures Networks ...

The stake sale in IDBI Bank may not be completed by March 2024, a senior government official said on Thursday. Department of Investment and Public Asset Monetisation (DIPAM) Secretary Tuhin Kanta Pandey said the transaction is "on course" but there are aspects like the RBI's fit and proper criteria which need to be complied with. "We practically don't think that before March, we can conclude it (IDBI Bank stake sale)," Pandey told reporters on the sidelines of an event organised by industry grouping Ficci here. He was answering a question on whether the department will be able to achieve the target of raising Rs 51,000 crore from disinvestments this fiscal. The government, which owns over 45 per cent stake in IDBI Bank, and life insurance behemoth LIC, which has a 49.24 per cent shareholding, have jointly decided to sell 60.7 per cent stake in the lender. Pandey said that achievement of the divestment target is contingent upon important transactions like the one involving sale of

The government, which owns 45.48% of IDBI Bank, is looking to divest a 30.48% stake in the lender

LIC had infused Rs 4,743 crore into IDBI Bank on October 23, 2019 using policyholders' funds while the bank further raised Rs 1,435.1 crore in Dec. 2020 by way of a qualified institutional placement

All India IDBI Officers' Association had opposed the up to 51 per cent sale of the bank's equity to LIC saying the move tantamounts to privatisation of the bank