LIC denies the Washington Post's allegations that it received or released a paper claiming outside influence on investment choices.

On Tuesday, the Life Insurance Corporation of India (LIC) reiterated that it had not issued nor received any of the documents mentioned in the Washington Post article that suggested outside influences influenced its choices to invest in the Adani Group.

On Tuesday, the Life Insurance Corporation of India (LIC) reiterated that it had not issued nor received any of the documents mentioned in the Washington Post article that suggested outside influences influenced its choices to invest in the Adani Group.

"LIC categorically clarifies that the documents mentioned have not been issued by LIC, nor have any such documents been received by LIC," the insurer wrote on social media in response to The Washington Post's accusations. Additionally, the government has not given LIC any directives for investing in any company that falls within this category.

LIC claims made by the Washington Post
The Washington Post claims that Indian officials had drafted a plan to transfer almost $3.9 billion (₹32,000 crore) from LIC to Adani Group businesses.

Citing internal papers, the story went on to say that members from the Ministry of Finance (MoF), LIC, the Department of Financial Services (DFS), and the government think tank NITI Aayog worked together to decide on LIC's investment.

"The Washington Post's accusations that the Corporation's investment choices are impacted by outside forces are untrue, unfounded, and far from accurate. The firm stated in an exchange filing on October 25 that it has never developed the plan or paper that the story claims it did, which lays out a proposal for the Corporation to invest money in the Adani group of companies.

The company also made it clear that the department of financial services or any other entity has no say in the investment decisions, which are made independently by the corporation in accordance with board-approved regulations following thorough due diligence.

In the best interests of all its stakeholders, the Corporation has made sure that the highest levels of due diligence are followed and that all of its investment decisions are made in accordance with current policies, Act provisions, and regulatory recommendations. These alleged remarks in the article seem to have been made with the goal to undermine the Corporation's established decision-making process, as well as to damage the Corporation's image and reputation and the solid financial sector underpinnings in India," the company continued.