As the department of company affairs works on a new set of laws for independent directors, the government has not appointed any to the board of the Life Insurance Corporation of India (LIC), which manages around Rs 250,000 crore funds.
The term of the last set of directors expired in February 2003, and the nine posts have been lying vacant since. Of the remaining seven directors, five are ex officio, they are acting in addition to their main jobs.
Finance ministry officials said 20 names had been selected, but were yet to be cleared.
