Sunday, October 1, 2023

Managing Director Mohanty Named As LIC Interim Chairperson Full Time…

LIC Interim Chairperson: Amidst the speculations that have been going on for some time, the Center has made it clear that the full time chairman of Life Insurance Corporation of India will be appointed by June. On the other hand, the Finance Ministry official has informed that LIC’s Managing Director Siddharth Mohanty can be selected for this post.

Siddharth Mohanty has been appointed as the interim president on 11 March by the central government, which is effective for three months from 14 March. After this, LIC will elect its full time president by June. Mohanty will serve as the chairman of state-owned LIC, in addition to his role as MD.

Waiting for the next order of the government

LIC informed in its stock filing that the term of Mangalam Ramasubramaniam Kumar as chairperson is coming to an end on March 13. In such a situation, LIC MD Siddharth Mohanty has been selected as additional charge by the Ministry of Finance and he will remain for three months or until further orders from the government.

Ramsubramaniam Kumar’s tenure was extended

In 2019, Ramasubramaniam Kumar was elected as the chairman of LIC and his term was to end by 2022, but in view of the company’s plan to bring IPO, his term was extended by 1 year. It has also been said in some reports that his tenure was to be extended for another six months, but this did not happen.

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Big challenge for Mohanty

Company’s MD Siddharth Mohanty is taking over at a time when LIC is in controversies regarding its investment. LIC’s investment in Adani Group has raised many controversies. In such a situation, the challenges before them will not be less.

Who is Siddharth Mohanty

Siddharth Mohanty was elected as the Managing Director of LIC in February 2021 and will continue in this post till his retirement in June this year. Along with them, two more managing directors have also been kept in LIC. Mohanty was the MD & CEO of LIC Housing Finance before joining as MD of LIC. He has an experience of 4 decades and started his career as a direct recruitment officer in 1985. He continues to play a vital role in providing access to California-based Silicon Valley Bank, the 16th largest bank in the United States, was closed on Friday and control was handed over to the FDIC.

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How much is Mohanty’s monthly salary?

Siddharth Mohanty was made MD in February 2021. Their monthly salary ranges from Rs 205,400 to Rs 224,400. At the same time, after becoming the interim chairman, his salary will increase further.

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