Left-leaning unions urge Kharge to reconsider protests in front of LIC offices

Citing the LIC statement on the matter, the unions said LIC has earned a notional profit of almost ₹20,000 crore on its investment in the Adani Group

Congress MP Mallikarjun Kharge at Parliament House complex during Budget Session, in New Delhi on February 6, 2023. | Photo Credit: PTI

Leaders of two Left-leaning and two independent unions working among the employees of Life Insurance Corporation of India (LIC) have written to Congress president Mallikarjun Kharge urging him to reconsider the decision to hold protests in front of the LIC offices on the issue of Hindenburg report against the Adani Group.

The leaders said such protests will “tarnish the image of the finest public sector institution” of the country.

In the letter to Mr. Kharge, the Federation of LIC Class I Officers’ Associations, National Federation of Insurance Field Workers of India, All India Insurance Employees Association and the All India LIC Employees Federation said ever since the Hindenburg report, 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 middle-class Indians.

“We are opposed to political patronage to any business group at the cost of public sector, the people and the economy. We want that the government should conduct an impartial enquiry into the allegations made by the Hindenburg Report and find out the truth,” they said adding that LIC is a long term investor and the investment decisions are taken keeping the long term benefits of the policy holders in mind. “Since LIC is a statutory body created under an act of Parliament, all its investment decisions are subject to parliamentary scrutiny and regulatory supervision,” they said in the letter.

“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,” they said.

Citing the LIC statement on the matter, the unions said LIC has earned a notional profit of almost ₹20,000 crore on its investment in the Adani Group. “However, the profit is as notional as is the presumed loss,” they told Mr. Kharge.

“We feel that holding demonstrations before LIC offices would tarnish the image of the finest public sector institution of the country. We would request you to please reconsider the decision in view of what has been stated above,” the letter added.