LIC Terms: “Decision Taken Independently” The ‘Baseless’ Washington Post Report on Adani Investments

The Washington Post story that suggested the company’s investment choices were impacted by outside forces was refuted by the Life Insurance Corporation of India (LIC) on Saturday. It claimed that the report attempted to harm company standing.

According to the allegation, Indian authorities had written a plan to transfer over USD 3.9 billion (roughly Rs 32,000 crore) from LIC into Adani Group entities.

“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 response to the allegations.

The insurance stressed that after thorough due diligence, all of its investment choices are made independently and in compliance with board-approved standards.

According to the statement, “the Department of Financial Services or any other body has no role in such decisions.”

Additionally, LIC guaranteed that it maintains “the highest standards of due diligence” and that all of its investment choices are in the best interests of stakeholders by adhering to established rules, legal requirements, and regulatory norms.

In the best interests of all its stakeholders, “LIC has ensured the highest standards of due diligence and all its investment decisions have been undertaken in compliance with existing police, provisions in the Acts, and regulatory guidelines,” the statement said.

The Washington Post was also charged by the company with trying to harm its reputation by publishing false information.

The insurer said, “These alleged remarks in the article seem to have been made with the intention of undermining LIC’s established decision-making process, as well as damaging LIC’s image and reputation and the solid financial sector foundations in India.”

The state-owned insurance and investment firm in the nation is called the Life Insurance Corporation of India, or LIC for short.