Siddhartha Mohanty is interim chairman of LIC

Siddhartha Mohanty, MD of Life Insurance Corporation (LIC) has been given a 3-month charge as chairman, from March 14. Moreover, the insurance juggernaut claims that Mangalam Ramasubramanian Kumar, the current chairman of the LIC, has not received an extension.

This is an an interim arrangement in addition to Mohanty's own duties.

LIC said in a stock exchange filing that “In terms of Regulation 30 of the SEBI(LODR) Regulations, 2015, we advise that, in view of the completion of term of Shri Mangalam Ramasubramanian Kumar as Chairperson of LIC of India, effective from the close of business hours on 13th March, 2023, Department of Financial Services, Ministry of Finance, Govt of India, has vide F. no. A-15011/01/2022-Ins.I dated 11th March, 2023, conveyed the approval of the Competent Authority, for entrusting financial and administrative powers and functions of Chairperson, LIC in the interim to Shri Siddhartha Mohanty, Managing Director in addition to his own duties, for a period of three months, with effect from 14th March, 2023, or till assumption of the charge by the regular appointee to the said post, or until further orders, whichever is the earliest."

The authorities appointed Siddhartha Mohanty, the managing director (MD) and chief executive officer (CEO) of LIC Housing Finance, as the MD of Life Insurance Corporation (LIC), India's largest insurer, effective February 1st, 2021. In place of TC Suseel Kumar, who was scheduled to retire on January 31, 2021, Siddhartha Mohanty was nominated to serve as the MD of LIC until his superannuation on June 30, 2023.

With effect from the date of his assumption of charge of the appointment on or after 01.02.2021 and up till the date of his superannuation or until further instructions, whichever is earlier,Siddhartha Mohanty was appointed as MD of LIC Housing Finance in the pay scale of ₹205,400 - ₹224,400.

One chairman and four MDs make up LIC. Currently, Bishnu Charan Patnaik, Ipe Mini, Siddhartha Mohanty, and Raj Kumar are the MDs of LIC and M R Kumar is the chairman of the company.