IDBI Bank sale to Fairfax: FinMin cites 2003 law, Delhi HC judgment ...Middle East

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IDBI Bank sale to Fairfax: FinMin cites 2003 law, Delhi HC judgment
source : Business Standard ( Middle East ) () 52
The finance ministry on Saturday said the legislative history of the IDBI (Repeal) Act, 2003, a Delhi High Court judgement and successive Union Budget speeches reflect the evolution of its policy towards the strategic disinvestment of IDBI Bank. The Cabinet earlier this week approved strategic disinvestment of IDBI Bank by selling 60.72 per cent stake to Canada's Fairfax Financial Holdings for about Rs 53,000 crore (USD 5.5 billion). The deal is the largest foreign investment in India's financial sector so far and a major milestone in the country's banking privatisation drive. In a clarification on the legislative developments regarding reduction in government holding in IDBI Bank, the ministry said the Delhi High Court on December 17, 2018, held that the IDBI (Repeal) Act, 2003, contained no prohibition against reducing the government's stake in IDBI Bank Ltd. It may be recalled that during the Union Budget, 2003, discussions and the parliamentary debate on the IDBI (Repeal) Act, .

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