Mumbai (Maharashtra) [India], October 27 : Advocate HP Ranina has dismissed a recent report by The Washington Post questioning the investment practices of the Life Insurance Corporation (LIC) of India, calling it baseless and misleading.
Speaking to ANI, Ranina said there was "no substance in this report" and emphasised that LIC is a professional and publicly owned institution that operates strictly within its own investment guidelines.
Ranina clarified that while LIC is owned by the government, it functions as an independent, listed company accountable to its shareholders. "LIC of India is a professional body. It may be owned by the government, but it is a listed company," he said.
The advocate said that the insurer follows "strict internal controls and guidelines" when making investment decisions. "LIC has made investments in many companies, not only in the Adani Group, based on certain principles and limits set out internally. These investments are made in a very professional manner," he noted.
Rejecting the claims made in the publication, Ranina said there was no reason for such a report to be published. "I don't think there is any substance in this report of The Washington Post. All that I know is that LIC is a professionally managed institution which will not do anything outside the guidelines it has laid out," he said.
He also suggested that there could be political motives behind such reports. "Possibly they are trying to link it with the ruling party and are not only trying to tarnish the image of the Adani Group but also of the ruling party," he said. "These reports have to be ignored because LIC has issued a clarification, and we accept it. LIC belongs to the people of India, not to the government of India," he added.
Ranina pointed out that LIC's investment portfolio extends well beyond a single business group. "LIC has invested large amounts in ITC, the Ambani Group, and various other institutions. There is no question of singling out the Adani Group," he said.
He also underlined that the Securities and Exchange Board of India (SEBI), the country's financial market regulator, has not raised any concerns over LIC's investments. "If anyone has the right to question LIC, it will be SEBI. They have given a clean sheet to the Adani Group," he stated.
Dismissing fears of impact on markets, Ranina said the Indian capital market remains strong and resilient. "These reports are not going to affect the Indian capital market. Small investors have faith and will continue to invest through mutual funds," he said. He stressed that corporate governance rules have been "totally upheld" by LIC and that it continues to function transparently as a publicly owned financial institution.
Ranina concluded that such foreign reports should be ignored altogether. "Hindenburg, The Washington Post or any other foreign media should not be taken seriously. SEBI has not found anything wrong, and shareholders of LIC have the right to take up any issue, not foreign journals," he said.
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