Siddhartha Mohanty: MD of LIC given 3 month charge as Chairman | Business Upturn

Siddhartha Mohanty: MD of LIC given 3 month charge as Chairman

LIC Chairperson for the next three months will be Siddharth Mohanty, will take over the position on March 14.

The term of M.R. Kumar, the chairman of the LIC, has not been prolonged. As of right now, Siddharth Mohanty will serve as LIC Chairman. This position is temporary for three months and has been given to Siddharth Mohanty. Let me inform you that MR Kumar was promoted from zonal manager to chairman directly. He was the first LIC officer to advance directly from the position of zonal manager to that of chairman. In the past, the MD of LIC served as chairman. He was appointed chairman on March 14, 2019. The price of LIC’s stock decreased slightly on Friday, ending the day at Rs 596.50.

Received two extensions

On March 14 of this year, MR Kumar, the current LIC Chairman, took over. His term was first extended in July 2021, bringing it to a conclusion in March 2022. After thereafter, in April 2022, Kumar received a second tenure extension. Kumar’s term was extended a second time, ending in March 2023.

CNBC-TV18 tweeted this news citing their sources.

What was Kumar’s statement?

No outsider has ever held the top post in LIC, according to information given to MR Kumar by CNBC-TV18 on February 10, 2023. He added that I don’t believe an outsider will be appointed as the head of LIC.