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Govt. wasn't a 'person acting in concert' as it relinquished its shareholding in IDBI and agreed to acquisition by LIC

December 11, 2019[2020] 113 477 (Allahabad)

COMPANY LAW/SEBI : Where IDBI bank was in control of Central Government and Central Government had not only relinquished its shareholding to below 50 per cent but also agreed to acquisition of controlling stake of IDBI by LIC and conveyed that it would not participate in offer, Central Government could not be termed as 'person acting in concert' with LIC in respect of said acquisition

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