Govt appoints Siddhartha Mohanty as interim Chairman of LIC, MR Kumar term ends on Monday

Siddhartha Mohanty, who is currently serving as Managing Director (MD) and Chief Executive Officer (CEO) of Life Insurance Corporation of India (LIC), has appointed as interim Chairman of the public sector insurance company.

The appointment of Mohanty was cleared by the government, wherein he will hold the Chairman’s position for a period of three months, according to the exchange filing of LIC.

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This means the current chairman, Mangalam Ramasubramanian Kumar, will not be receiving an extended term, as per a stock exchange filing by LIC. The filing mentioned that the term of MR Kumar as Chairperson of LIC of India will be completed on March 13, 2023.

“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,” LIC said in a filing on Saturday, March 12.

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According to LIC’s filing, Mohanty’s appointment will be in effect until a regular appointee assumes the post, or until further orders, whichever is the earliest.

Mohanty, on February 1, 2021, was appointed as the Managing Director of insurance behemoth LIC for a term of over two years until June 30, 2023, or until his superannuation. 

LIC recoups losses as Adani Group stocks rise

insurance behemoth Life Insurance Corporation of India (LIC) has recouped losses on its investment in Adani Group as shares of Gautam Adani-led group companies lately rose on exchanges.

LIC holds shares in seven out of the 10 listed companies of the Adani Group. The shareholding ranges from 1.28 per cent in Adani Green Energy Ltd to 9.14 per cent in Adani Ports & SEZ Ltd, according to information available on stock exchanges.

The value of LIC's shareholding in the Adani Group stocks has risen by about Rs 9,000 crore since and at Friday's closing price, it stands at Rs 39,068.34 crore, according to information available on the stock exchanges.