'Misleading Narrative': Ex-LIC Chairman Slams Washington Post For Allegations Over Investment In Adani Group
Mohanty has not only refuted these claims, but also asked Washington Post to withdraw and remove the "unverified content" across platforms, via a post on social media platform 'X'.
Siddhartha Mohanty, the former chairman of Life Insurance Corporation of India (LIC), has called Washington Post's allegations against the Corp. with regards to Adani Group, a "misleading narrative" on Saturday.
The Washington Post had alleged that LIC's investment decisions, particularly concerning the Adani Group, are influenced by external factors or were guided by a roadmap drafted by Indian officials.
Mohanty has not only refuted these claims, but also asked Washington Post to withdraw and remove the "unverified content" across platforms, via a post on social media platform 'X'.
"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", the post stated.
Earlier, LIC had also dismissed these allegations via a post on 'X'. In its denial, LIC categorically stated that the allegations leveled by the American daily, which had suggested that Indian officials drafted a proposal in May to steer roughly $3.9 billion in investments from the state-owned insurer to Adani Group companies, are "false, baseless, and far from truth."
The insurer went on to deny the core of the report, affirming that "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 Adani group of companies."
In a move to reaffirm the integrity and autonomy of its internal governance, LIC clarified the rigorous process behind its investment decisions. The company stated that "Investment decisions are taken by LIC independently as per Board approved policies after detailed due diligence."
The insurer refuted any external interference, stating unequivocally that the "Department of Financial Services or any other body does not have any role in such decisions." This statement underscores LIC's position that its multi-billion dollar investment portfolio is managed solely through internal expertise and established corporate policy.
