SDPI Calls for Parliamentary Inquiry into LIC–Adani Deal Under Government Pressure

Adv. Sharfuddin Ahmad, National Vice President of the Social Democratic Party of India, has expressed deep concern over the latest revelations that the Modi government allegedly directed the Life Insurance Corporation of India (LIC) to invest around 3.9 billion dollars in the Adani Group despite ongoing controversies and serious questions of transparency.

The news reports indicate that officials from the Finance Ministry and related departments drafted a plan to channel LIC’s funds into Adani bonds and equity at a time when the corporate group was under global scrutiny following allegations of stock manipulation and accounting irregularities. Such revelations, if true, point to a dangerous misuse of public money and a clear attempt to bail out a favoured corporate house with the hard-earned savings of the people of India.

The SDPI believes this reflects the growing nexus between political power and corporate monopolies under the present regime. LIC, a public institution built on the trust of millions of policyholders, must never be reduced to a tool for serving crony interests. The party demands an independent parliamentary probe into the alleged directive and full public disclosure of LIC’s investment records concerning Adani companies.

The government must answer whether national institutions are being used to rescue private conglomerates close to the ruling dispensation.

Adv. Sharfuddin Ahmad
National Vice President
Social Democratic Party of India