Invested in ITC to improve returns of policyholders: LIC response to PIL
.jpg)
Life Insurance Corporation (LIC) said on Friday that it has been investing in cigarette maker ITC with the bonafide objective of enhancing returns for its policyholders, investors and in the interest of public welfare.
LIC, state insurers and the Centre have been dragged to the Bombay High Court because of a public interest litigation (PIL) that questioned the government's investment in ITC and other tobacco companies.
While denying any contradictions with the government's tobacco control policies, LIC, in its affidavit, has said that there is no regulation banning investment in ITC. LIC has said investments made in ITC are through a secondary market that are routine in nature. The insurer has sought the petition's dismissal.
Public sector insurance companies and Specified Undertaking of United Trust of India (SUUTI) hold 32 per cent stake in ITC.
Sumitra Pednekar, wife of former home minister Satish Pednekar, Dr Pankaj Chaturvedi, a surgeon at Tata Memorial Hospital and R Venkataramanan, managing trustee, Tata Trusts (in his individual capacity) filed a PIL in April against the government's investment in tobacco companies.
Their main plea is that the government holding in ITC violates its own tobacco control policies. The government stake is held through public sector insurance companies.
The high court made the Securities and Exchange Board of India (Sebi) a party to the petition in the same month.
The stock market regulator, however, has sought to distance itself from the issue. In its affidavit that was filed on Friday, Sebi said that petitioners have neither prayed for any relief against it nor alleged its involvement in the share ownership.
Sebi is a body functioning in the interest of investors and is responsible for regulating deals in the securities market, said the regulator, adding that no issue has been raised in the PIL against it. "Sebi is neither a necessary nor a proper party for the present proceeding," it said and requested the court to exclude it from list of respondents.
Other Latest News
.webp)
The Enforcement Directorate has filed a money laundering case against YouTuber Siddharth Yadav alias Elvish Yadav and some others under the charge of suspected use of snake venom as a recreational drug in parties he hosted, official sources said Saturday.
The central agency has pressed charges under the Prevention of Money Laundering Act (PMLA) after taking cognisance of a FIR.
.webp)
A flood and a landslide hit Indonesia's Sulawesi island, killing 14 people, officials said Saturday.
Torrential rain pounding the area since Thursday triggered a landslide in Luwu district in South Sulawesi province, said local rescue chief Mexianus Bekabel.
.webp)
India's largest port operator Adani Ports and Special Economic Zone Limited (APSEZ) is looking to expand its operations into the Philippines, with plans to invest in port development, according to a release issued by the office of the president of Philippines.
APSEZ Managing Director Karan Adani met with the Philippines President Ferdinand Marcos Jr at Malacañang on May 2 in a courtesy call to discuss Adani Group's plans for the port.
.webp)
The Securities and Exchange Commission on Friday charged an auditing firm hired by Trump Media and Technology Group just 37 days ago with massive fraud though not for any work it performed for former President Donald Trump's media company.
The SEC charged the accounting firm BF Borgers and its owner, Benjamin F. Borgers, of deliberate and systematic failures in more than 1,500 audits.
.webp)
India's markets regulator has sent notices of regulatory violations to seven companies of the Adani conglomerate, including its flagship Adani Enterprises, the group said in stock exchange filings.
The regulator began probing the Adani group, led by billionaire Gautam Adani, after Hindenburg Research in January 2023 alleged improper use of tax havens and stock manipulation by the group, accusations the group has denied.
.webp)
.webp)
.webp)
.webp)
.webp)
