Center appoints Siddhartha Mohanty as interim LIC Chair for 3 months

The center on Saturday appointed Siddhartha Mohanty interim chairman of insurance giant Life Insurance Corporation of India (LIC) for a three-month term effective March 14.

Mohanty, currently Managing Director of LIC, will replace Acting Chairman MR Kumar.

The center’s move to appoint an interim chairman for a three-month term starting March 14 is confirmation that incumbent chairman Kumar will not receive a further extension to his term, which ends on March 13. Kumar’s term has already been extended twice, having been appointed LIC chairman in March 2019.

Mohanty has been appointed pursuant to an order issued by the Department of Financial Services at the Treasury Department for a period of three months or until the regular appointee assumes responsibility for the post or other orders, whichever comes first.

“This is purely an appointment agreement and does not give officers the right to continue in office indefinitely or to claim a regular appointment,” the DFS order added.

Mohanty, one of LIC’s four MDs, was appointed Managing Director on February 21 and is expected to remain in office until June 30 this year when he retires.