"Govt never interferes directly, indirectly in any investment decision of LIC": Ex-LIC Chairperson rubbishes Washington Post report

New Delhi [India], October 25 (ANI): Former LIC Chairperson Siddhartha Mohanty on Saturday asserted that the government "never interferes directly or indirectly in any investment decision of LIC" and a "misleading narrative" is sought to be created by a news report in a foreign publication.
In a post on X, Mohanty referred to allegations levelled in a report by the Washington Post and called upon the publication to remove "the said unverified content from all digital and print platforms".
"Some misleading narrative is created by Washington Post against LIC's investment in Adani Group under instructions of the Govt. From my experience as ex-Chairman and CEO&MD I affirm that Govt never interferes directly or indirectly in any lnvestment decision of LIC. Therefore I call upon Washington Post to withdraw and remove the said unverified content from all digital and print platforms and desist from publishing any further unverified allegations against LIC," he said.
Earlier in the day, Life Insurance Corporation of India (LIC) termed false and baseless, and far from the truth, the allegations levelled in the report by the Washington Post, which had claimed that the investment decisions of the insurance company are influenced by external factors.
The Washington Post had claimed that Indian officials had drafted a proposal to channel approximately USD 3.9 billion (Rs 32,000 crore) from LIC into companies owned by the Adani Group.
"No such document or plan as alleged in the article has ever been prepared by LIC, which creates a roadmap for infusing funds by LIC into the Adani group of companies," LIC said in its rebuttal today.
LIC categorically asserted that its investment decisions are taken by LIC independently as per Board approved policies after detailed due diligence.
"Department of Financial Services or any other body does not have any role in such decisions," LIC noted.
The insurance company added it has ensured highest standards of due diligence in the best interest of all its stakeholders.
"LIC has ensured highest standards of due diligence and all its investment decisions have been undertake in compliance with extant police, provision in the Acts and regulatory guidelines, in the best interest of all its stakeholders," the statement said.
LIC said that the reportage of the Washington Post was made to tarnish the insurance majors reputation.
"These purported statements in the article appear to have been made with the intentions to prejudice the well settled decision-making process of LIC and also to tarnish the reputation and image of LIC and the strong financial sector foundations in India," the statement said.
Life insurance corporation, popularly known as LIC, is the Indian state-owned insurance group and investment company. (ANI)