Thomas Franco Rajendra Dev VS Union of India

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

D. Y. CHANDRACHUD, SURYA KANT, PAMIDIGHANTAM SRI NARASIMHA
Thomas Franco Rajendra Dev – Appellant
Versus
Union of India – Respondent

Advocates appeared:
Ms. Indira Jaising, Sr. Advocate, Mr. Anand Grover, Advocate, Mr. Paras Nath Singh, Advocate, Mr. Prasanna S., Advocate, Ms. Swati Arya, Advocate, Mr. Yuvraj Singh Rathore, Advocate, For the Appellant / Mr. Shyam Divan, Sr. Advocate, Mr. Abishek Jebaraj, Advocate, Ms. Nupur Raut, Advocate, Ms. A. Reyna Shruti, Advocate,, Ms. Anitha Shenoy, Sr. Advocate, Ms. Srishti Agnihotri, Advocate, Ms. Sanjana Grace Thomas, Advocate, Ms. Ayushma Awasthi, Advocate, Mr. N. Venkataraman, ASG, Ms. Amita Katragadda, Advocate, Ms. Jyoti Dastidar, Advocate, Mr. Prakhar Pandey, Advocate, Ms. Sukanya Singh, Advocate, Ms. Kamakshi Puri, Advocate, M/s. Cyril Amarchand Mangaldas, For the Respondent.

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 1956. By the provisions of Finance Act 2021, an amendment was brought about to the provisions of the Life Insurance Act 1956.

3. On 13 February 2022, a draft Red Herring Prospectus¹[ "RHP"] was filed with SEBI for the Initial Public Offering²[ "IPO"] of LIC. Consequential steps were taken. On 26 April 2022, the RHP was made available on SEBI's website, indicating a price band of Rs 902 to 949 per equity share with a discount of Rs 60 for policy holders. On 27 April 2022, a price band advertisement was published. The Government announced that LIC's IPO will be opened on 2 May 2022 for 'anchor investors' and from 4 May 2

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D. Y. CHANDRACHUD, SURYA KANT, PAMIDIGHANTAM SRI NARASIMHAThomas Franco Rajendra Dev – AppellantVersusUnion of India – Respondent

D. Y. CHANDRACHUD, SURYA KANT, PAMIDIGHANTAM SRI NARASIMHA
Thomas Franco Rajendra Dev – Appellant
Versus
Union of India – Respondent