VK Sharma to head LIC Housing Finance

LIC Chairman T S Vijayan on Friday said that V K Sharma will take over as the CEO of its housing finance arm, early next week. Sharma has been chosen to replace LIC Housing Finance CEO Ramachandran Nair, who was arrested by the CBI on charges of involvement in housing-loan bribery case on Wednesday.

"V K Sharma has been appointed as LIC Housing Finance CEO... he will take charge early next week," Vijayan told reporters here.

Sharma is currently in charge of LIC's South Zone operations. LIC had convened an urgent board meeting yesterday in the wake of the arrest of Nair and the insurer's Secretary (Investment) Naresh K Chopra.

After the board meeting, Vijayan had said that Chandrasekhar, who is the senior most general manager at the LIC Housing Finance, would be the officiating CEO of LIC Housing Finance.

The CBI had on 24 Nov busted the housing-finance racket and arrested eight top officials from banks and financial firms, on charges of taking bribes to grant corporate loans.