Mumbai5 hours ago
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- MR Kumar was retiring on 30th of this month
- In March 2019, he became chairman directly from zonal manager.
The chairman of Life Insurance Corporation of India (LIC), the country’s largest life insurance company, MR. Kumar has got an extension of 9 months. He was retiring on the 30th of this month. In the order issued today, he has got an extension till March 13, 2022. After that, he will remain the chairman till the age of 62 years.
Committee issued order
The Appointments Committee of the Cabinet issued an order in this regard today. In fact, in April, the government increased the retirement age of chairman of insurance companies to 62 years. In this way, LIC Chairman MR Kumar will get another two-year term. However, earlier he was retiring this month. But he has been given an extension of 9 months.
Chairman directly from zonal manager
MR Kumar went straight from zonal manager to chairman. He was earlier an officer of LIC, who went straight from zonal manager to chairman. Earlier, the MD of LIC used to become the chairman. He became the chairman on 14 March 2019. However, after the rule changed in April, now only the MD can become the chairman. The Zonal Manager cannot become the Chairman directly.
LIC’s biggest IPO
In fact, LIC is bringing the country’s largest IPO and it is believed that for this reason MR Kumar has got an extension. Extension is usually available in such cases. Arundhati Bhattacharya got an extension when the associate banks of the country’s largest bank SBI were being merged with it. When the commodity regulator was being merged with SEBI, UK Sinha got an extension.
Mohanty leaves chopped
SK Mohanty’s card has now been cut from MR Kumar’s extension. In fact, as per the earlier rules, Mohanty was the claimant to the chairman. He became the MD in February and his tenure was still long. But this has also been removed in the New Testament. The new rule does not require any long tenure for the chairman. Prior to Mohanty, though there were three MDs in the senior MD, their tenure was short. Therefore Mohanty was considered a contender.
The names of two MDs have been announced.
Earlier only last month, the names of two new MDs were announced. In this, IP Mini will be appointed as MD after the retirement of MD Vipin Kumar in July. When Mukesh Gupta retires in September, BC Patnaik will be brought in his place. When Rajkumar retires next year, there are plans to bring in Dinesh Bhagat in his place. All these names have already been approved as MDs. Actually there are 4 MD posts in LIC. Out of this, the post of MD was vacant in January. LIC Housing CEO S.K. in place of TC Sushil Kumar. K. Mohanty was made MD on 1 February.
Rajkumar has the responsibility of LIC IPO
Rajkumar has the responsibility of LIC’s IPO as he has a lot of time left. LIC’s IPO is expected to come in this financial year. The government wants to raise 90 thousand crores through this. MR Kumar was the Zonal Manager of Delhi. For the first time in the history of LIC, a zonal manager was made the chairman.