Advocate Defends LIC Against Investment Report Allegations

Advocate HP Ranina has categorically dismissed allegations raised in a recent report by The Washington Post concerning the investment practices of the Life Insurance Corporation (LIC) of India, calling the accusations baseless. In a statement to ANI, Ranina underscored that LIC, a government-owned yet independently functioning entity, adheres rigorously to its investment guidelines.

Clarifying the operational framework of LIC, Ranina emphasized its status as a publicly-listed company responsible to shareholders, despite government ownership. He highlighted LIC's adherence to stringent internal controls, noting that it makes diversified investments across multiple sectors, not just focusing on the Adani Group, thus underscoring the professional caliber of its operations.

Ranina speculated about political motives tied to the report, suggesting attempts to mar the image of the ruling party alongside the Adani Group. Additionally, he pointed out that no concerns have been raised by the Securities and Exchange Board of India (SEBI), underscoring LIC's compliance with established corporate governance principles and its resilience amidst alleged controversies.