Stay updated with the latest - Click here to follow us on Instagram
Tags:
Journalism of Courage
With the mega initial public offering (IPO) expected in the current fiscal, the government has extended the tenure of LIC Chairperson MR Kumar by one more year.
The extension is for a further period beyond March 13, 2022 or till he attains the age of superannuation, or until further orders, whichever is the earliest, the government said in an order on Sunday. The extension is to facilitate the launch of LIC’s IPO which is expected in March this year. The corporation which is in the final stages of the IPO launch is expected to submit the draft prospectus to market regulator Sebi in the coming weeks.
Kumar’s term as LIC Chairperson was originally supposed to end on June 30, 2021, but the government extended his term by nine months till March 13, 2022. LIC IPO is expected to be the largest in the history of Indian capital market.
The government has also extended the tenure of LIC MD Raj Kumar by one more year beyond the date of his superannuation on January 31, 2022 or until further orders.
The Appointments Committee of the Cabinet (ACC) has cleared the extensions. “These extensions may be treated as a one-time measure which are not to be quoted as a precedent,” the government said in the order.
Earlier this week, LIC reported a profit after tax (PAT) of Rs 1,437 crore for the first half of ongoing fiscal against Rs 6.14 crore in the year-ago period. The insurer said new business premium growth rate stood at 554.1 per cent in H1FY22, against 394.76 per cent during the corresponding period of FY21.
Stay updated with the latest - Click here to follow us on Instagram
