Former chairperson of the Life Insurance Corporation of India (LIC) M.R. Kumar is set to turn into an extra director (non-executive and impartial) in addition to Chairman of Board of Directors of drugmaker Aurobindo Pharma from April 1.
“Based on the advice of the Nomination and Remuneration/Compensation Committee and topic to approval of the members by way of postal poll, [the Board of Directors met on March 27] appointed Mr. Mangalam Ramasubramanian Kumar as an extra director (non-executive and impartial) of the corporate for a interval of three consecutive years with impact from April 1, 2024.
The Board additionally appointed him as Chairman of Board of Directors of the Company with impact from April 1, 2024, Aurobindo Pharma stated in a submitting on Wednesday. Currently, he’s director on the Board of Ambuja Cements and non-executive chairman of Bank of India.
Mr. Kumar, who joined LIC in 1983 as a direct recruit officer, went on to turn into its chairperson in March 2019 and retired in March 2023. He was on the helm when the State-owned insurance coverage main made its preliminary public providing (IPO).
In addition to being LIC chairperson, he was additionally the non-executive chairman of
LIC Housing Finance, LIC Pension Fund, LIC Mutual Fund AMC, LIC Cards Services, IDBI Bank, LIC Singapore Pte, LIC Lanka, LIC (International) BSC, Bahrain, LIC Nepal. Ltd.
Aurobindo Pharma’s current impartial director and non-executive chairman Ok.Raghunathan will be retiring as impartial director on shut of enterprise hours of March 31, upon completion of his second time period as an impartial director. Consequently, he shall additionally stop to be the Chairman of Board of Directors of the Company and Member of assorted Committees of Board of Directors of the corporate, it stated.
