Delhi High Court Dismisses PIL Challenging IFCI's NSE Share Divestment, Imposes ₹5 Lakh Costs The Delhi High Court dismissed a public interest litigation (PIL) challenging the divestment of Industrial Finance Corporation of India Ltd’s (IFCI) shareholding in the National Stock Exchange of India Limited (NSE), while imposing a cost of ₹5 lakh on the petitioner for failing to disclose a pending case in the Bombay High Court. The court ruled that the petitioner had suppressed material information about an overlapping plea, leading to the dismissal of the PIL on grounds of forum shopping and lack of public interest. The petitioner had alleged irregularities in IFCI’s divestment of its NSE shares, claiming that the transactions resulted in a notional loss to the public exchequer. According to the PIL, IFCI held 24,97,750 equity shares of NSE as of March 31, 2015, representing 5.55% of the company’s paid-up equity capital. During the financial year 2015-16, IFCI sold 11,25,000 equity shares in four tranches to entities including the DVI Fund, Soach Global, and two undisclosed transferees for ₹440.93 crores. The petitioner argued that these shares were sold at a valuation lower than a comparable transaction in June 2013, where NSE shares were valued at ₹3,990 per share, implying an overall valuation of ₹17,995 crores. The petitioner further claimed that the divestment led to a notional loss of approximately ₹12,121.13 crores to IFCI and, by extension, the public exchequer. The PIL also referenced media reports linking the divestment to an inquiry by the Serious Fraud Investigation Office (SFIO) into former IFCI chairmen and managing directors.#delhi_high_court #national_stock_exchange_of_india #securities_and_exchange_board_of_india #industrial_finance_corporation_of_india #serious_fraud_investigation_office
