V K Sharma appointed Chairman of LIC for five years: Government

New Delhi: The government on Wednesday appointed V K Sharma as the chairman of Life Insurance Corporation for a period of five years.

Sharma became the acting chairman on September 16 after the vacancy was created after S K Roy resigned in June, nearly two years ahead of his retirement as chairman of the insurance firm.

#VKSharma appointed Chairman of #LIC for five years: Government. — Press Trust of India (@PTI_News) December 14, 2016

Prior to his appointment as acting chairman and eventual chairman of LIC, Sharma was the managing director of the insurer since November 2013.

"The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for appointment of V K Sharma, MD, LIC, as Chairman, LIC in fixed pay of Rs 80,000 (pre-revised) for a period of five years...Or up to the date of his superannuation, or until further orders..," said an official statement.

Earlier, as per sources, Sharma was shortlisted for the post of chairman and the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi was to take the final court.

If approved by the ACC, Sharman would be appointed for three months, the sources said.

However, the government on Wednesday said that V K Sharma has been appointed the chairman of LIC for a term of five years.