Insurance behemoth Life Insurance Corporation (LIC) has a competent Board that would continue to be run professionally post its upcoming listing as well and instances of its decision making at the behest of government are unlikely to arise, top Finance Ministry officials have assured.
There is no reason to hold any suspicion or perception that the government, by virtue of its dominant shareholding (96.5 per cent post IPO), would interfere in the investment decisions of LIC or nudge it to divert some of its premiums to serve the interest of the State (country) rather than pursue its profitability, they said.
“See, even earlier (before IPO), LIC was being managed through a professional board. It is not that as is being hinted that certain decisions were being taken at the behest of the government. I would totally deny that. At least I am not aware of that,” Sanjay Malhotra, Secretary, Department of Financial Services, said.
He highlighted that it is quite possible that…