LIC Announce Cessation of Two Independent Directors Post Term Completion
Life Insurance Corporation of India announced that Shri Mahalingam G. and Dr. V. S. Parthasarathy have ceased to be Independent Directors on July 28, 2026, upon completion of their terms. They will also step down from various committee roles.
The cessation of independent directors upon completion of their term is a standard corporate governance procedure and is not expected to have a material impact on the company's operations or financial performance.
The announcement is a routine disclosure regarding the completion of tenure for independent directors and their subsequent cessation from their roles and associated committee positions. It does not contain any information that would positively or negatively impact the company's outlook.
Life Insurance Corporation of India (LIC) has announced the cessation of Shri Mahalingam G. and Dr. V. S. Parthasarathy from their positions as Independent Directors. This change is effective from July 28, 2026, after the close of the day, upon the completion of their respective terms.
Consequently, both directors will also cease to hold their roles as chairperson or member of various committees within the corporation. Annexure – I details their specific committee memberships, including the Executive Committee, Investment Committee, Nomination and Remuneration Committee, Risk Management Committee, Audit Committee, Policyholder Protection, Grievance Redressal and Claims Monitoring Committee, Stakeholders Relationship Committee, Committee for Review of Wilful Defaulters, Building Advisory Committee, With Profit Committee, Information Technology Strategy Committee, and Environment, Social & Governance Committee. Shri Mahalingam G. chaired the Nomination and Remuneration Committee, Risk Management Committee, and Stakeholders Relationship Committee. Dr. V. S. Parthasarathy chaired the Audit Committee, Policyholder Protection, Grievance Redressal and Claims Monitoring Committee, and Environment, Social & Governance Committee.
Annexure – II provides the required disclosures under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, confirming that the cessation is due to the completion of their terms and that they are not debarred from holding such positions.
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Life Insurance Corporation Of India filed this with the NSE as a statutory disclosure, categorised under board changes. It is a primary document, not a recommendation, and the desk marks it low impact, the band that almost never moves a portfolio on its own.
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