R. R. Nair reinstated as ED of LIC

Mr R. R. Nair, former Director and Chief Executive of LIC Housing Finance, has been reinstated in the Life Insurance Corporation of India as an Executive Director. In November 2010, the Central Bureau of Investigation had proceeded against Mr Nair and others in an alleged case of bribery for loans. Mr Nair was removed from the post after his arrest by the CBI. In his place, Mr V. K. Sharma was appointed as the head of LICHF.

The CBI had also moved against Secretary (Investments) LIC, Director (Chartered Accountant), Central Bank of India; General Manager, Bank of India; Deputy General Manager, Punjab National Bank; the Chairman and Managing Director and two other officers of a Mumbai-based private financial services company in the same case.

According to sources, LIC may have reinstated him as charges against him may not have been established as yet. Mr Nair has taken charge of the inspection department at LIC with effect from January 23.