mumbai life insurance giant lic has told the bombay high court that its investment in itc was not prohibited under law nor does it contradict any government policy and sought the dismissal of the plea which challenged its investment strategy into tobacco companieslic submitted an affidavit in the court this week in response to a pil filed by managing trustee of tata trusts r venkatramana in his personal capacity doctors and a politician which challenged the investment by stateowned statutory corporations and insurers into tobacco companies especially in itclic said the pil deserves to be dismissed while sebi said it ought to be discharged or deleted as party respondent a bench headed by the the chief justice on friday after much opposition from a farmers association allowed indian medical association karnataka branch which supported the pil to be made a party as wellwe are always committed to the welfare of our policy holders investment is done in order to ensure maximum benefit and minimum risk for our policy holders said lic adding that itc has a good track record ensuring returnsin april a bench of chief justice manjula chellur and justice g s kulkarni had asked the petitioners why they had not made itc and sebi parties to the pil and directed them to be impleaded along with the finance ministry