LIC Re-designates Siddhartha Mohanty as CEO and Managing Director

By siliconindia  |  Monday, 01 July 2024, 11:13:28 AM IST

LIC Re-designates Siddhartha Mohanty as CEO and Managing Director
The Life Insurance Corporation of India (LIC), a state-owned life insurer, announced the re-designation of Siddhartha Mohanty as Chief Executive Officer and Managing Director, effective June 30, 2024. This decision marks a significant shift from his previous role as chairman of the company.
The announcement was disclosed through an official filing with stock exchanges on Sunday. Mohanty, who has been with LIC since 1985, began his career as an apprentice officer. He holds a Bachelor's Degree in Law and a Master’s Degree in Arts (Political Science) from Utkal University, Bhubaneswar, Odisha. Additionally, he possesses a Post Graduate Certification in Business Management from the Xavier Institute of Management, Bhubaneswar, Odisha.
During his tenure at LIC, Mohanty has held several prominent positions, including Chief Operating Officer and Chief Executive Officer of LIC Housing Finance Limited. His diverse experience also encompasses roles such as Senior Divisional Manager in Raipur and Cuttack, Chief (Legal), Chief (Investment – Monitoring and Accounting), and Executive Director (Legal).
His extensive background and leadership within the organization position him well for his new role as CEO and Managing Director, where he is expected to continue guiding LIC through its evolving landscape.
In a separate development, LIC disclosed on June 28 that it received a demand order of Rs 3.59 crore from the Superintendent of RANGE-III, Large Taxpayer Unit, Corporate Unit, West Bengal. The order includes charges for Goods & Services Tax (GST), along with interest and penalties.
According to LIC’s filing, the demand order amounts to Rs 3,59,29,763 for GST, a penalty of Rs 35,92,976, and applicable interest. The notice pertains to the financial year 2018-19 and alleges an excess claim of Input Tax Credit (ITC).
"This is to inform that the Life Insurance Corporation of India (the Corporation) has received a communication/demand order for Goods & Service Tax, Interest, and penalty for West Bengal State. The order is appealable before the Commissioner (Appeals), West Bengal", the filing noted.
LIC has indicated that it will appeal the demand order before the Commissioner (Appeals), West Bengal. The company is currently reviewing the details of the notice and preparing to address the alleged discrepancies related to the GST claim.
This GST demand and re-designation of Mohanty come at a pivotal time for LIC as it continues to navigate regulatory and operational challenges while aiming to maintain its leadership position in the Indian insurance sector. Mohanty's leadership is expected to play a crucial role in steering LIC through these developments and ensuring compliance with regulatory requirements.

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