Tablesh Pandey appointed MD of LIC

15 Mar 2023 , 11:34 AM

Tablesh Pandey has been named Managing Director of the Life Insurance Corporation of India (LIC). Pandey will take office on or after April 1 and will serve until his superannuation date.

In accordance with a notification from the Government of India on March 13th, LIC of India has announced the appointment of Tablesh Pandey as the new Managing Director. He will replace B C Patnaik and assume the position from April 1st, 2023, until his superannuation or until further notice.

Currently, Tablesh is serving as the Executive Director of India’s largest insurance company.

Previously, the Financial Services Institutions Bureau recommended M Jagannath and Tablesh Pandey for positions at the state-owned insurer.

LIC appointed Siddhartha Mohanty as interim Chairman for three months beginning March 14 last week.

In another development, Finance Minister Nirmala Sitharaman provided an update on LIC’s debt exposure to the troubled Adani Group yesterday.

Sitharaman stated in a written reply to the Lok Sabha that the LIC’s debt exposure to Adani is Rs6,183 crore as of March 5 — marginally less than Rs6,347 crore as of December 2022.

According to exchange disclosures, LIC’s total equity investment in Adani Group is Rs30,127 crore, or less than 1% of its total book value.

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