Jairam Ramesh 'blames' the government for the decline of LIC's market capitalisation

Congress general secretary in charge of communications Jairam Ramesh on Wednesday blamed the government for the whopping fall of Life Corporation of India (LIC)'s market capitalisation.

In a tweet posted on Wednesday, he said, "Exactly a year ago today, LIC was listed in the stock market. Its market capitalisation then stood at Rs 5.48 lakh crore. Today, this is down to Rs 3.59 lakh crore--a fall of a whopping 35 per cent!"

He added, "There is only one reason for this steep fall -- Modani. In the process, lakhs and lakhs of policyholders have taken a serious hit."


In a run-up to this tweet, he also posted a long tweet about the Supreme Court granting a three-month extension after SEBI asked for a six-month extension for the probe into Hindenburg report.

In a long tweet, he said, "SEBI asked for a 6-month extension saying a complete review will take 15 months. Supreme Court has granted a 3-month extension. Let it be said again and again and again. The SC-supervised investigation is limited to violations of securities laws."

He went at length in the particular tweet that: "Only a JPC (joint parliament committee) can unravel the whole truth about the ModScam, the nature and extent of the unprecedented quid pro quo: 1. The subversion of every branch of the government, especially India's investigative and regulatory agencies.

2. The yoking of our foreign policy to Modani's financial interests.

3. Ensnaring of LIC, SBI (State Bank of India), EPFO (Employees' Provident Fund Organisation), and compromising interests of the shareholders and public money.

4. The liberal inflow of unaccounted funds into India from offshore shell companies tied to the Adanis.

5. The change of rules and policies to favour Adani's domestic acquisitions."

He also added in the end, "Modani Scam is a PPP (public-private partnership) with a twist, a true political-private partnership that only the Parliament's JPC can fully unravel."