Mumbai: Ending months of indecision, the government is set to appoint a full-time chairman for life insurance giant LIC in the next ten days, a top Finance Ministry official has said.
"I say it will be very shortly, that could be a week or ten days," Financial Services Secretary DK Mittal told a select group of reporters here over the weekend. Mittal blamed the delay on the long process to be followed while selecting such a candidate.
Life Insurance Corporation (LIC) has been without a full time chairman since May, after the then chairman TS Vijayan's five-year term had ended.
As an interim arrangement, Additional Secretary in the Finance Ministry Rakesh Singh was appointed as chairman of LIC and subsequently DK Mehrotra, the incumbent managing director was asked to officiate as the chairman of the country's largest financial institution.
A selection panel, headed by Economic Affairs Secretary R Gopalan, had invited four probable candidates in June. But the panel could not decide as two of the contenders did not have Central vigilance clearance.
When asked about the names being discussed, Mittal said, "that's for the selection committee to decide. What I am saying is that this process is on and very shortly you will get a final (decision)."
According to earlier reports, the shortlisted candidates -all from within the LIC ranks--include current acting chairman DK Mehrotra, managing director Thomas Mathew, and three executive directors-- AK Sahoo, TT Mathew and KB Saha.
Several questions have been raised about the government's inability to find a full-time leadership at LIC, which has assets exceeding Rs 10 trillion, especially at a time when it faces competition from over 23 aggressive private players since the opening up of the sector a decade ago.
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