FSIB set to pick candidate for LIC chairmanship

- New MD Tablesh Pandey will not be able to attend the interview this week

- Pandey will replace BC Pattnaik, who is demitting his office on March 31

- Hence, Pandey will assume charge as MD after April 1

- Siddhartha Mohanty, MD, working as acting chairman now

Mumbai: The Financial Services Institutions Bureau (FSIB) is likely to conduct the interview for the post of chairman of LIC later during the week, two reliable sources familiar with the development revealed.

One of the newly appointed MDs, Tablesh Pandey, will not be able to attend the interview, in case it is conducted this week. The reason is that even though Pandey has received the orders from the government in connection with his appointment as new Managing Director, he will not be able to assume his new role before April 1.

Pandey will have to wait until the superannuation of the serving MD BC Pattnaik, who is demitting his office on March 31. Pandey has been appointed to replace Pattnaik.

On the other, Pattnaik will be luckier to appear in the interview merely few days ahead of his retirement. In case he is selected for the post of LIC chairman, Pattnaik will get two more years to serve because as per the amended LIC Act, the retirement age for a LIC chairman is 62 years.

The chairman will be selected from the four managing directors of the company, sources said.

According to sources, the bureau may conduct an interview for the position towards the weekend if all members of the committee are available.

FSIB is likely to make a selection this month, subject to the availability of members due to Parliament’s Budget session.

The final decision on the FSIB recommendation will be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi.

Currently, Siddhartha Mohanty, managing director of LIC, is working as an acting chairman of the country’s biggest life insurance firm after the completion of the term of MR Kumar on March 13.

Other managing directors in the race are Mini Ipe and M Jagannath. Mohanty is scheduled to retire in June while Ipe in August this year if they are not selected for the chairman position. The government in 2021 extended the superannuation age of the LIC Chairman to up to 62 years by making an amendment to the Life Insurance Corporation of India (Staff) Regulations, 1960.

It is to be noted that the retirement age for the top executives of the majority of PSUs is 60 years, barring a few exceptions, including that of State Bank of India (SBI).

FSIB, the six members’ panel, is headed by the former secretary of the Department of Personnel and Training (DoPT), Bhanu Pratap Sharma. Other members of the headhunter are the Secretary Department of Financial Services, the Secretary Department of Public Enterprises, IRDAI Chairman Debasish Panda, former LIC managing director Usha Sangwan and former Oriental Insurance MD AV Girija Kumar.