Dr. Udit Raj raised the issue of irregularities in LIC under the rule 377 in Lok Sabha



New Delhi, 06, March 2018, Dr. Udit Raj, Member of Parliament, North West Delhi raised the issue of irregularities in LIC under the rule 377. He highlighted that under the leadership of Mr. T.S. Vijayan, Ex-Managing Director, Life Insurance Company and presently serving as Chairman, Insurance Regularity and Development Authority, LIC purchased non-convertible debentures of Rs. 750 Crores from UNITECH. Against this UNITECH issued 80 post dated cheques for settlement of these debentures. These 80 cheques were dishonoured despite which, LIC kept on investing in UNITECH. The collateral given by UNITECH was illegally exchanged with property of lesser value. On 1st December, 2014 as per the Millenium Post News, the Hon’ble Minister of Finance has asked for an investigation against Mr. T. S. Vijayan but on 26 May, 2017 as per an information received from C.R.C. there is no scheduled investigation against Mr. T.S. Vijayan.

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