A K Shukla frontrunner for top post at LIC

The three managing directors at Life Insurance Corporation of India (LIC) are the contenders to the post of LIC chairman.

Sources close to the development at LIC said, "A K Shukla, K Sridhar and T S Vijayan had appeared for interview for the post of chairman at LIC now that R N Bharadwaj, the chairman of LIC has retired."

Shukla at present holds the post of managing director-I at LIC and is in charge of corporate planning and business. K Sridhar, the managing director -II manages the investment portfolio of LIC.

A third post for managing director at LIC was created sometimes back and T S Vijayan was awarded the post.

Sources however said that A K Shukla was tipped to take over as chairman of LIC following the retirement of RN Bharadwaj, chairman, on May 31, 2005.

Bharadwaj, meanwhile, has been appointed member of the Securities Appellate Tribunal (SAT). The names of the three managing directors, were put up to the appointments committee of the cabinet (ACC) for consideration. But since Sridhar is due to retire this year itself, the government is expected to clear the appointment of Shukla. This, however, could not be confirmed.

Bharadwaj has succeeded S B Mathur as the chairman for such time till a new chairman was appointed at the insurance giant. Although Bharadwaj did not have two years residual period he was asked to take over as the chairman of LIC till he retired.

Sources also said that the government was likely to make an exemption to the two years residual service proposed for chief executives again since the next candidate TS Vijayan was only recently appointed MD and has several years to retire.

Shukla joined LIC as a direct recruit officer way back in 1968 and was involved in the exercise leading to the reorganisation of Northern Zone of LIC and had worked as secretary in the marketing department and was chief personnel before being appointed executive director.