New Delhi, Oct. 17 -- The Finance Ministry in an official statement today, 17 October, clarified legislative developments concerning the Centre's shareholding in IDBI Bank and defended its dilution plan for the lender.

The PIB release reiterated that during the discussions of Union Budget, 2003 and the parliamentary debate on the IDBI (Repeal) Act, 2003, an amendment seeking to restrict the dilution of the government's stake was moved but was ultimately rejected and did not form part of the enacted legislation.

It added that the matter was subsequently examined by the Delhi High Court in All India IDBI Officers' Association v. Union of India & Others decided on 17 December 2018. It said the judgement did not preclude the Centre from dil...