The Office of Financial Services Institutions assessed the biographical data of six candidates on Monday for the Managing Director positions at Life Insurance Corporation of India (LIC) and recommended the name M Jagannath for the first Managing Director vacancy at India’s LIC and Tablesh Pandey for the second General Director vacancy at LIC India. However, the final appointment must be approved by the Cabinet Appointments Committee.
As of now, the LIC has four MDs and two of them will be retiring in the next two months. The two LIC directors set to retire include Raj Kumar and BC Patnaik. It is very likely that M Jagannath and Tablesh Pandey will fill the two posts after the two current LIC CEOs retire at the end of their terms.
Meanwhile, in another development Life Insurance Corporation (LIC) said on Monday that it has an exposure of $36,474.78 crore to the Adani group’s debt and equity, and the amount is less than one per cent of the national insurer’s total investments.
The total assets under management of LIC stood at more than $41.66 lakh crore as of September 2022.
The disclosure by the insurer, which is also the country’s largest domestic institutional investor, comes amid Adani group shares taking a beating on the stock markets after short-selling firm Hindenburg Research in a report made a litany of allegations, including fraudulent transactions and actions. price manipulation, in the group led by Gautam Adani. The allegations have been denied by the group.
“Our total interest in the Adani group companies in equity and debt to date is $36,474.78 crores. This was $Rs 35,917.31 crore as of December 31, 2022. The total purchase value of these shares of group companies, acquired in recent years, is $30,127 crore and the market value thereof at the close of market hours on 27th January 2023 was $56,142 crores,” LIC said in a tweet.