2022 (5) TMI 1557

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ri, AOR, Ms. Sanjana Grace Thomas, Adv., Ms. Ayushma Awasthi, Adv. For the Respondent : Mr. N. Venkataraman, ASG, Ms. Amita Katragadda, Adv., Ms. Jyoti Dastidar, Adv., Mr. Prakhar Pandey, Adv., Ms. Sukanya Singh, Adv., Ms. Kamakshi Puri, Adv., M/s. Cyril Amarchand Mangaldas. ORDER 1 This batch of three cases consists of a petition under Article 32 of the Constitution and two Special Leave Petitions arising from a final judgment of the Madras High Court and an ad - interim order of the High Court of Judicature at Bombay. 2 The petition under Article 32 raises a challenge to the constitutional validity of the provisions of Sections 130, 131, 134 and 140 of the Finance Act 2021 and certain provisions of the Life Insurance Corporation Act 1....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....g, senior counsel appearing on behalf of the petitioners in the petition under Article 32 of the Constitution. Firstly, it has been urged that the process which led up to the enactment of the amendment to the Life Insurance Corporation Act through Parliament was on the basis that it was a Money Bill. On this aspect, it has been submitted that the constitutional issue relating to the passage of Money Bills has been referred to a larger Bench in Roger Mathew vs. South Indian Bank Limited and Others [(2020) 6 SCC 1] The second submission which has been urged is on the merits of the challenge. The submission is that as a result of the amendment to Section 28 of the Life Insurance Corporation Act 1956, the character of LIC which is in the nature....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tition arising from the order of the Bombay High Court declining ad - interim relief. 8 Mr N Venkataraman, Additional Solicitor General appearing on behalf of the Union of India and LIC has opposed the grant of interim relief. Adverting to the relevant dates having a bearing on whether the balance of convenience and irreparable harm would weigh in favour of or against the grant of interim relief, the ASG submitted that the Bill which eventually resulted in the Finance Act 2021 was passed on 28 March 2021, nearly 15 months ago. That apart, it has been submitted that the petition under Article 32 of the Constitution has been instituted before this Court on 9 May 2022, which is the date on which the LIC IPO was closed. As regards the Special ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the issue whether any case has been made for the grant of interim relief, the Court must be guided by well settled parameters, namely, (i) the existence of a prima facie case; (ii) the balance of convenience; and (iii) the irreparable harm and injury. 12 On the first aspect, we are inclined to issue notice since a constitutional issue pertaining to the passage of Money Bills has been raised. On the construction of Section 28, the submission which has been made on behalf of the petitioners would warrant further deliberation. The Court has been apprised of the fact that as many as 73 lakh applicants, both from within India and beyond have subscribed to the IPO. The IPO has been over subscribed six times even in the category which has been s....