SUBHASH MISHRA
Dhanbad, Feb 14: The left-oriented All India Insurance Employees Association has justified the LIC investment in the Adani group of companies. It has, however, strongly opposed the government of India’s disinvestment.
The Insurance Employees Association Hazaribagh Division (IEAHD) today issued a statement claiming that the money of LIC investors is safe for the Adani group of companies despite the fall of their shares in wake of the Hindenburg Research report.
The IEAHD has alleged that some political parties are creating rumours and confusion that investors of LIC and State Bank of India would have to face losses following the downfall of shares of some Adani group companies.
“It is a totally false and baseless report and the money of LIC investors is safe,” said Hemant Mishra, president of IEADH Dhanbad in his press release.
The All India Insurance Employees Association’s leader said that LIC had invested Rs 36,474 crores in different companies of Adani groups which had increased to Rs 57,000. Even today, LIC is drawing dividends from this investment. LIC earns around Rs 4.50 lakh crores to Rs 5 lakhs crores additional income from this investment per year.
“So, it is wrong to say LIC investors would face loss from investment in Adani groups of companies,” said the IEADH president.
Allaying the fear of LIC investors, the IEAHD president said that LIC invests around Rs 90,000 crores to Rs 1 lakh crores per year in the share market. The government of India gives guarantees to shareholders. So in such a condition, it is wrong to say investors would face loss in Adani groups of company.
However, the LIC Employees Association has opposed the disinvestment of public sectors in the country. Hemant Mishra said the government of India disinvested 3.50 per cent shares of LIC and earned Rs 22,000 crores. It was unwarranted and the LIC employees’ body opposed this move of the Government of India.
The IEADH also urged trade unions to join in opposing the disinvestment policy of the government of India.
