The report in The Washington Post dated 24 October 2025 , about the significant investments made by Life Insurance Corporation of India (LIC) in Adani group entities, can cascade into a major controversy or slowly fade from public memory, just as some other event, local or global, overwhelms the public imagination. Leaving the half-dozen financial publications in circulation and the noisy TV channels to settle the above, this column treks back in time to recount the details of one of the best remembered corporate scandals in the country, that has the unique distinction of being agitated in Parliament by an MP of the ruling party itself and costing the finance minister of the day his job!

In writing anything historical, there is little scope to be original. In fact, any infusio

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