LIC Chairman TS Vijayan has been degraded and has been demoted to the post of LIC Managing Director. The reason behind this step is not clear yet. But according to sources, it might be due to his involvement in cash for loan scam in LIC which came into light last year.
Currently Rakesh Singh who was acting as Managing Director has been promoted to the post of Acting Chairman of LIC of India. Normally, Chairman and MD are appointed for a period of 3 years or till 60 years of age. Still he is remaining with a time period of 2 years of his service.
Indian Government has taken several steps appointing a Committee to get suggestions on improving the Governance.
The matter is still not clear and this may be another scam to be disclosed in coming days. We will be updating you about this.
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