Home / News / India /  M Jagannath and Tablesh Pandey recommended as new MDs of LIC by FSIB

The Financial Services Institution Bureau screened the biodata of six candidates on Monday for the positions of Managing Directors in Life Insurance Corporation of India(LIC) and has recommended the name of M Jagannath for the first vacancy of Managing Director in LIC of India and Tablesh Pandey for the second vacancy of Managing Director in LIC of India. However, the final appointment needs to be approved by the Appointments Committee Of Cabinet.

As of now, the LIC has four MDs and two of them are set to retire in the coming two months. The two directors of LIC who will retire include Raj Kumar and BC Patnaik. M Jagannath and Tablesh Pandey are most likely to fill the two positions after the two current MDs of LIC retire following the end of their term.

Meanwhile, in another development Life Insurance Corporation (LIC) on Monday said it has an exposure of 36,474.78 crore to Adani group's debt and equity, and the amount is less than one per cent of the national insurer's total investments.

LIC's total assets under management stood at over 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 stocks taking a beating on the bourses after the short-selling specialist firm Hindenburg Research in a report made a litany of allegations, including fraudulent transactions and share price manipulation, at the Gautam Adani-led group. The allegations have been rejected by the group.

"Our total holding in the Adani group companies under equity and debt a on date is 36,474.78 crore. This was 35,917.31 crore as of December 31, 2022. Total purchase value of these equities of the group companies, bought over the past many years, is 30,127 crore and the market value for the same at close of market hours on January 27, 2023 was 56,142 crore," LIC said in a tweet.

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