Excelsior Correspondent
JAMMU, Feb 4: LIC employees and office bearers of Jammu and Kashmir said in a statement on Saturday that the public holders’ money is safe with the central public sector undertaking.
Under the banner of Northern Zone Insurance Employees Association Srinagar Division and LIC Class-I Federation, a meeting was held here under the leadership of Pawan Gupta and Fayaz Ahmad Gul, Divisional Secretary and President Northern Zone Insurance Employees Association Srinagar Division, which discussed the impact of Hindenburg report on LIC.
As per the statement, the meeting said that ever since the US based short seller Hindenburg Research has published a “damning report” on the Adani Group of Companies, a large section of the people and political parties have expressed their concern over the LIC’s presumably high exposure to the Adani Group of Companies and how it could risk the savings of the middle class Indians.
“Being responsible trade unions commanding the support of an overwhelming majority of the workforce in LIC, we want to clarify that we are opposed to political patronage to any business group at the cost of the public sector, the people and the economy.
“We feel that the Government should conduct an impartial enquiry into the allegations made by the Hindenburg Report and find out the truth,” the meeting said.
As far as rumours about LIC’s exposure to the Adani Group of Companies and its potential impact on the hard earned savings of millions of Indians is concerned, the meeting said, “we would like to place that LIC is a long term investor and the investment decisions are taken keeping the long term benefits of the policy holders in mind.”
“The investment policy of LIC is that 80% of its investments are made in secured instruments like Government securities or bonds. Hardly 20% of the investments are made in equities. The funds invested by the policy holders are therefore absolutely safe,” the meeting further said.
“Regarding the investment in the Adani group and the supposed loss to LIC, we have to clarify that this loss is only notional and not real. LIC has not sold any Adani group shares held by it in the market to sustain any loss,” the meeting added.
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