LIC chief changed amid Adani case, he was made interim chairman - Newztezz Online


Sunday, March 12, 2023

LIC chief changed amid Adani case, he was made interim chairman

Amidst the huge investment of LIC in Adani Group companies and the crisis prevailing over it, the government has changed the chief of Life Insurance Corporation of India. The government appointed the current chairman M.R. Refused to extend Kumar's tenure.

Industrialist Gautam Adani 's Adani Group is facing a huge crisis after the Hindenburg Research Report came out. The government has also faced a lot of flak for the huge investment of the government insurance company Life Insurance Corporation of India (LIC) and the government bank State Bank of India (SBI) in Adani Group companies. Meanwhile, the government appointed LIC's current chairman, M.R. Refused to extend the tenure of Kumar (LIC Chairman) .

The government has appointed Siddharth Mohanty as the interim chairman of LIC. He has been asked to take over from March 14 itself. At present, he has been appointed to this post for 3 months.

Mohanty is the CEO of LIC Housing Finance

Siddhartha Mohanty is currently the MD and CEO of LIC Housing Finance. Mohanty was appointed MD of LIC on 1 February 2021. He T.C. Took place of Sushil Kumar. Siddhartha Mohanty was nominated to continue as MD of LIC till his superannuation i.e. 30 June 2023. Now he has been made the interim chairman of the insurance company.

LIC informed the stock market that the Department of Financial Services, Ministry of Finance, has appointed Siddharth Mohanty as the interim chairman of the company. This will be a separate charge from the duties of his Managing Director of LIC. He will start working as interim chairman from 14 March 2021.

Mohanty for 3 months or till the appointment of new chairman, whichever is earlier. Will keep handling this charge. At present, apart from Siddharth Mohanty, Vishnu Charan Patnaik, Ipe Mini and Raj Kumar are the Managing Directors of LIC.

LIC's grit in Adani case

The new appointment to the post of LIC chairman is going to happen at a time when the company is surrounded by all-round criticism for its investment in the Adani group. At the same time, the government has also had to face a lot of trouble. The share price of LIC has seen a lot of volatility in the stock market due to losses on investments in Adani Group companies. LIC has invested Rs 30,127 crore in Adani group companies.

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