CURRENT AFFAIRS

Detailed explanation-1: -The Centre also extended the tenure of Raj Kumar, Managing Director of LIC, by one year beyond January 31. This is the second extension for MR Kumar, whose term was to end on June 30 last year, but was given a nine-month extension until March 13 this year, when he is due to complete three years as Chairman.

Detailed explanation-2: -Besides, the government has also extended the tenure of one of the managing directors, Raj Kumar, for one year. With the extension, M R Kumar will continue as chairman of LIC till March 2023, the sources said.

Detailed explanation-3: -For smooth sailing for the LIC’s listing, its current chairman MR Kumar has got two extensions one from July 2021 to March 2022 and one from April 2022 to March 2023. To enable this, the government amended the LIC (Staff) regulations and increased the superannuation age to 62 for the chairman.

Detailed explanation-4: -M. R. Kumar by one year. He will remain in office till March 2023 or until he attains the age of superannuation, or until further orders, whichever is the earliest. The government has done this to facilitate smooth Initial Public Offerings (IPO) of LIC, which is expected to be completed by March 2022.

Detailed explanation-5: -Shri M.R. Kumar, Chairman, LIC of India.