LIC, govt's nominee plan to pose difficult questions to ICICI management

Over the decades, LIC and other government held insurance companies have made several questionable investments in equities

The Life Insurance Corporation of India (LIC), which holds about a 9.4 per cent stake in ICICI Bank, and the government’s new nominee on the private lender’s board have planned to ask some difficult questions at a meeting of the bank’s top management later this week. A Business Standard report notes that this comes against the backdrop of the recent developments in the ICICI Bank-Videocon case that has sharply precipitated investor confidence in the bank.

The two plan to demand an explanation, including the minutes of bank’s board meeting held on March 28 to figure out if the support from the