IPO-bound LIC ropes in 6 independent directors on its board


Ahead of preliminary public offering (IPO), Lifetime Insurance Corporation (LIC) has last month appointed 6 impartial directors on its board to meet regulatory norms of corporate governance.


LIC appointed former economic providers secretary Anjuly Chib Duggal, ex-Sebi member G Mahalingam, former SBI Life taking care of director Sanjeev Nautiyal, sources reported.







In addition to, chartered accountant MP Vijay Kumar, Raj Kamal, and V S Parthasarathy are roped in as independent directors on LIC’s board.


With the appointment, the total selection of impartial directors goes up to 9 and all vacancies are stuffed.


Satisfying company governance norms is an vital component for filing Draft Pink Herring Prospectus (DRHP) with the Securities Exchange Board of India (Sebi).


The central authorities is envisioned to file draft papers for the mega first community presenting of LIC with market place regulator Sebi by this week, Department of Financial commitment and Community Asset Management (DIPAM) Secretary Tuhin Kanta Pandey had claimed.


The embedded benefit of LIC has been arrived at and it is more than Rs 5 lakh crore. The dimensions of the concern would be pointed out in the DRHP.


The situation, following approval of Sebi, is probable to strike the sector in March, Pandey said.


Up to 10 per cent of the LIC IPO challenge dimension would be reserved for policyholders.


LIC’s listing is essential for the government to meet the reduced income estimates of Rs 78,000 crore for the recent money yr.


Until now, the Centre has lifted about Rs 12,000 crore from privatisation of Air India and stake sale in other PSUs.


To facilitate smooth listing of the insurance policy behemoth, the authorities past week extended the tenure of LIC chairman M R Kumar for a person calendar year.


Other than, the government has also prolonged the tenure of one of the controlling directors, Raj Kumar, for 12 months.


This is the next extension for the LIC chairman. Very last 12 months in June, he was provided a nine-thirty day period extension in a look at of LIC’s proposed original general public giving to the end of the present fiscal yr.
(Only the headline and image of this report could have been reworked by the Business enterprise Regular staff the relaxation of the articles is automobile-produced from a syndicated feed.)

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