Bombay HC to hear plea on issue of govt stake in ITC on 27 April
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Mumbai: The Bombay high court (HC) on Monday said it will hear on 27 April a plea against the government and state-run insurers, including Life Insurance Corporation of India (LIC), for holding shares in cigarette maker ITC Ltd.
The petition, which also names the insurance regulator, has argued that the government, which is tackling health issues arising out of tobacco consumption, should not directly or indirectly hold a stake in ITC and other companies in the tobacco business.
The insurance companies, Union of India, Ministry of Health & Family Welfare, have been asked to file their responses to the petition before the matter is heard next.
The government of India, through five state-run insurance companies and Specified Undertaking of Unit Trust of India, owns a 32% stake in ITC.