LIC's attempt to acquire control of IDBI Bank

I quote below an extract of a news report from the Hindu today: 

"Life Insurance Corporation of India has sought the government's approval to buy a controlling stake in IDBI Bank Ltd. The LIC, which currently has 10.8% stake in IDBI Bank, wants to buy an additional 43% for about ₹10,500 crore.

"IDBI Bank is the worst performing public sector bank whose quarter four losses have swollen to ₹5,663 crore and gross NPA is now worth ₹55,588.26 crore.... The Modi government is now jeopardising the hard-earned money of 38 crore LIC policy holders by forcing it to purchase the rapidly-sinking bank. This is a classic case of selling the family silver of policy holders to hide the economic mayhem of failed Modinomics and Jaitleynomics," Mr. Surjewala said."

I don't know whether IRDAI will allow this acquisition,but this move itself can be exploited by the case managers for our legal case to establish that such a move has the potential of harming the interest of 38 cr policyholders  far more than the upgradation of pension for the diminishing number of pensioners and pension beneficiaries. The NPAs of LIC as at 31/3 2017 were at 4.73% and when we add the Rs 55588 cr of NPAs of IDBI Bank to the more than Rs 18000 cr NPA of LIC it will be a whopping Rs 73000 cr, the percentage of which will shoot up phenomenally to 12.65% which is definitely detrimental to the interest of the 38 crores of policyholders. 

Greetings.

C H Mahadevan