In its verdict, A Bench of Chief Justice Dipankar Datta and Justice GS Kulkarni held,
“the transition of the Development Bank from a body corporate to a Company (IDBI) without deep and pervasive administrative, financial and functional control of the Government of India over such Company having been shown gives little reason to hold that after the enactment of the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003, IDBI could still be regarded as an undertaking of the Government of India.”
Source: https://www.barandbench.com/news/litigation/idbi-not-government-of-india-undertaking-bombay-high-court
