The curious case of LIC's voting on RIL, Adani resolutions

Life Insurance Corp. of India Ltd, or LIC, consistently approved or never opposed resolutions proposed before shareholders of Reliance Industries Ltd (RIL) or any Adani Group company since 1 April 2022, even as it rejected several similar proposals at other large companies, some even part of other conglomerates, a Mint review of about 9,000 voting decisions by the government-run insurer showed.

- Nehal Chaliawala & Varun Sood

This raises questions of how decisions are made at the country's largest money manager and whether it has different voting standards for businesses controlled by the country’s wealthiest tycoons versus other companies, experts said.