Invested in ITC to improve returns of policyholders: LIC response to PIL

Insurer wants PIL rejected, says investments are routine, there is no rule banning them

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