The government on March 11 named Siddhartha Mohanty, currently serving as Managing Director and Chief Executive Officer, as the interim Chairman of the Life Insurance Corporation of India (LIC) with effect from March 14. Mohanty will hold this position for a period of three months.
According to a recent stock exchange filing by LIC, the current chairman, MR Kumar, will not be receiving an extended term.
The filing stated that in compliance with Regulation 30 of the SEBI(LODR) Regulations, 2015, the Department of Financial Services, Ministry of Finance, Govt of India, has approved the appointment of Shri Siddhartha Mohanty, Managing Director, to assume the financial and administrative powers and functions of Chairperson, LIC, in addition to his own duties, for an interim period of three months starting from March 14, 2023.
This appointment will be in effect until a regular appointee assumes the post, or until further orders, whichever is the earliest. The filing also noted that the term of MR Kumar as Chairperson of LIC of India will be completed on March 13, 2023.
On February 1, 2021, Mohanty was appointed as the Managing Director of LIC for a term of over two years until June 30, 2023, or until his superannuation. He succeeded TC Suseel Kumar, who retired from the position on January 31, 2021.
LIC's investment in Adani Group's stocks had faced criticism from both investors and political leaders following the allegations made against the conglomerate by Hindenburg.
Also Read: LIC on Adani: Positive on our investments in group, they are within prudent norms
Mohanty began his career as a direct recruit officer with LIC of India in 1985 and has since held various senior positions within the company, gradually rising through the ranks.
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