JUDGMENT :

VIBHU BAKHRU, J.

1. The petitioner ? an association of certain employees of Industrial Development Bank of India Limited (hereafter ‘IDBI Ltd.’) ? has filed the present petition, inter alia, praying that Government of India (respondent no.1) be restrained from reducing its shareholding in IDBI Ltd. below 51%. The petitioner also seeks directions to respondent no.2 (Life Insurance Corporation of India – hereafter ‘the LIC’) not to acquire the controlling stake of 51% in IDBI Ltd. The petitioner also impugns the permission granted by respondent no.6 (Insurance Regulatory and Development Authority of India – hereafter ‘IRDAI’) to the LIC to acquire more than 15% of the equity share capital of IDBI Ltd.

2. The petitioner has challenged the said acquisition of IDBI Ltd. by LIC, essentionally, on three grounds. First, that the reduction of the majority stake of the Central Government in IDBI Ltd. is ultra vires of the Industrial Development Bank of India Act, 1964 read with Industrial Bank (Transfer of Undertaking and Repeal) Act, 2003. Second, that the privatisation of IDB