BOARD OF

DIRECTORS

Shri V K Sharma
Chairman

Ms. Usha Sangwan Shri Vinay Sah Shri Jagdish Capoor

Director Managing Director & CEO Director

Ms. Savita Singh Shri T.V Rao Dr. Dharmendra Bhandari

Director Director Director

Shri Debabrata Sarkar Shri V K Kukreja Shri Ameet Patel

Director Director Director

ANNUAL REPORT 2016-17 24

 BOARD OF DIRECTORS

SHRI V K SHARMA MS. USHA SANGWAN

Chairman Director
Shri Vijay Kumar Sharma took charge as Chairman, Life Mrs. Usha Sangwan, is the first ever woman Managing
Insurance Corporation of India on 16th December, 2016. Prior Director of Life Insurance Corporation of India. She is Post
to his taking over as Managing Director, LIC of India, on 1st Graduate in Economics and Post Graduate Diploma holder in
November, 2013, he was Managing Director & Chief Executive Human Resource Management and Licentiate from Insurance
Officer, LIC Housing Finance Limited (LICHFL), a premiere Institute of India. She joined LIC as Direct Recruit Officer in 1981.
housing finance provider in the country with loan portfolio
exceeding `83,000 crore.
Mrs. Sangwan is the whole time Director of LIC of India,
Board Member of General Insurance Corporation of India,
Shri Vijay Kumar Sharma, born on 19th December, 1958 is LIC Housing Finance Ltd., Axis Bank, Ambuja Cements Ltd.
a post-graduate (M.Sc.) in Botany from Patna University. and Bombay Stock Exchange Ltd., Board Member of LIC
Shri Sharma joined LIC as Direct Recruit Officer in 1981 (International) BSC © Bahrain, Kenindia Assurance Co. Ltd., LIC
and has grown with the Company since then. During his Card Services Ltd., Member of Governing Council of National
stint as Senior Divisional Manager, Karnal, a rural division, Insurance Academy, Member on the Board of Education of
had catapulated to Number One position in the country Insurance Institute of India, a Trustee of LIC Golden Jubilee
in premium income ahead of all other metro centres. Foundation, Chairman of LIC of India (Regular Part-time
As Executive Director of Pension & Group Schemes, he Employees)Pension Fund, Executive Committee, Investment
pioneered the launch of various prestigious pension schemes Committee and Policyholders Protection Committee of LIC of India.
in the country. As Zonal Manager in-charge of Southern Zone,
he successfully turned around its operations and put it on
She has worked in all core areas of Life Insurance. She has
growth trajectory, making it No. 1 zone in 2010.
vast operational and Board level experience of Financial
Sector including Banking, Housing Finance, Stock Exchange,
Shri Sharma’s focused leadership, proficiency in invigorating Cards, Mutual Funds, General Insurance and Reinsurance.
staff performance, re-organizing teams and developing Within Life Insurance, experience in Marketing, Investments
talent, enabled LICHFL maintain its growth momentum (Operations, Monitoring & Accounting, Risk Management
despite volatile markets and adverse macro-economic & Research), Personnel, Product Development, Information
conditions. During his tenure LICHFL was adjudged as “Best Technology, Customer Relationship management, HRD/
Housing Finance Company 2011” by CNBC-TV 18. OD, Training, Direct Marketing, Corporate Communication,
Corporate Planning, Board Sectt., Estate Management,
Engineering, Finance & Accounts, Marketing-all Channels,
His key areas of expertise have been Business Strategy,
Group Business, New Business & Reinsurance, Actuarial, Social
Business Development, Processes and Systems, Leadership
Media Management, International Operations, Legal, RTI,
Development, Branding and Product Development, and Risk
Audit, Inspection and Mission office for digital India.
Mitigation and Compliance. A strategic leader, recognized
for making sweeping improvements to efficiency, product
development and marketing and identifying areas of Her expertise lies in analytics, strategy, execution, people skill,
opportunity, he is acclaimed as a “Crisis Manager” for use of technology particularly in marketing and servicing and
stabilizing operations and leading turnaround growth setting up of systems.
strategies in uniquely challenging situations.
Awards
• She has been featured in Forbes List of 50 most powerful
He has been an inspirational leader who utilizes negotiation Business Women in Asia in 2015.
skills gained over thirty five years of extensive experience in
insurance and financial sectors and strongly connects to the • “Most Powerful Women in Indian Business” by Business
grass root levels, believes in “bottom-up approach” and has Today in 2016.
the ability to see the Big Picture and translate to reality. • She is also featured in Femina – Most powerful women in
India.
Currently he is on Board of LIC Pension Fund Limited, • Featured on cover page of Bureaucracy Today.
ACC Limited, ICICI Bank Limited, LIC Mutual Fund Asset • Featured in Business World as “Most Influential Women”.
Management Ltd, LIC Housing Finance Co. Ltd, LIC Card • Management Woman Achiever of the Year 2015-16 by
Services Ltd, LICHFL Asset Management Company Ltd, LIC Bombay Management Association.
(International) BSC Bahrain, Life Insurance Corporation (LIC)
• “Women Leadership Award” in BFSI sector by Institute of
of Bangladesh Ltd, Kenindia Assurance Co. Ltd, LIC (Lanka)
Public Enterprise.
Ltd, LIC (Nepal) Ltd, Life Insurance Corporation (Singapore)
Pte Ltd. and as a trustee of LIC Golden Jubilee Foundation. • “Brand Slam Leadership Award” by CMO Asia.

25 LIC HOUSING FINANCE LIMITED

• “Women Leadership Role Model” by Top Rankers Shri Sah has served in all marketing positions of Central,
Management Consultants. Zonal, Divisional and Branch Offices of LICI.
• “CEO with HR Orientation Award” by Global HR Excellence
arranged by Chartered Institute of Management
Accountant. SHRI JAGDISH CAPOOR
• Also felicitated by Free Press Journal, Colors TV and Director
Doordarshan for Women in Leadership Role. Shri Jagdish Capoor served Reserve Bank of India in various
capacities for 39 years and finally retired as Deputy Governor
in 2001 after serving in that position for more than four years.
SHRI VINAY SAH During his tenure as Deputy Governor he was appointed
Managing Director & CEO as Chairman of Deposit Insurance and Credit Guarantee
Corporation and Chairman of RBI Note Mudran Ltd (currency
Shri. Vinay Sah has been appointed as the MD & CEO of press). These were concurrent charges. He was also appointed
LIC Housing Finance Ltd (LIC HFL) from 12th April 2017. A on Boards of several banks viz. State Bank of India, Bank of
Masters in Science (Statistics) from Lucknow University, Baroda, National Housing Bank, Exim Bank, National Bank
Shri Sah started his career as a direct recruit officer with LIC for Agriculture and Rural Development and Infrastructure
of India (LICI) in 1983. Prior to heading LIC HFL, one of the Development and Finance Co Ltd.
largest housing finance companies in India, Shri. Vinay Sah
was Executive Director- Marketing and Product Development,
LICI since 2015-16. Under his leadership, LICI created history While with RBI, he was deputed to Unit Trust of India to take
by achieving its First Premium Income target for 2016-17 over as Chairman temporarily for about a year in 1996.
in the month of February 2017 itself. During 2016-17, LICI
procured First Premium Income (FPI) of ` 37853.87crores as After retirement from RBI, he served as Chairman of HDFC
against the FPI target of ` 31,000 crores. The market share of Bank, Agriculture Finance Corporation and the Bombay Stock
LICI in First Year Premium increased to 71.07% from 70.44% Exchange.
in the preceding year. The Corporation launched 9 individual
plans during his two-year tenure as in charge of product
development department. Presently, he is serving on several corporate boards,
prominent among them being Manappuram Finance Ltd,
HDFC Securities Ltd, LIC Pension Fund Ltd and BanyanTree
Agency recruitment during his tenure registered a growth of Bank in Mauritius. He is also a member of the Board of
53.40%. The prestigious Million Dollar Round Table (MDRT) Governors, Indian Institute of Management, Indore.
agency force witnessed around 50% increase taking the
number to nearly 6000. It was during his time that LIC of
India (Agents) Regulations, 2017, rescinding the existing LIC MS. SAVITA SINGH
of India Agents Rules, 1972, was approved and notified by the
Government of India.
Director
Ms Savita Singh is a partner with the Real Estate team at
In a career spanning over three decades in the Corporation, Khaitan & Co LLP and is experienced in all kinds of property
Shri. Sah has successfully handled various portfolios like transactions, hospitality transactions, litigations arising out of
marketing, IT, personnel and administration. He had the property transactions and allied matters. Ms. Singh is a post
distinction of serving as Zonal Manager in-charge of Western graduate in English Literature from Kurukshetra University,
Zone and East Central Zone. Kurukshetra (Haryana) and a Law Graduate from Mumbai
University, Mumbai. She also has professional affiliates with
the Bar Council of Maharashtra and Goa.
As Zonal Manager in-charge of Western Zone covering the
states of Maharashtra, Goa & Gujarat, the zone achieved its
First Premium target after seven years in 2013-14 and the Her experience includes drafting real estate transactional
Zone was Number One in policies and premium volume documents like Agreements for Sale, Sale Deeds, Lease
and policy growth. Western Zone also increased its share Deeds, Development Agreements, General and Special
in budget contribution from 19% to 22% in premium to the Powers of Attorney, Business Conducting Agreements,
Corporation. Business Centre Agreements, Leave & License Agreements,
Tenancy Agreements, Deeds of Indemnity, Declarations,
  Affidavits, Deeds of Transfer of Flats and Apartments,
As Zonal Manager in-charge of East Central Zone covering Trust Deeds, Release Deeds, Gift Deeds and other deal
the states of Bihar, Jharkhand and Orissa, the Zone had documentation; general Real Estate advisory work; due
obtained number one position at the All India level in policies diligence of properties; handling litigations arising out of
and premium, both on growth and achievement to target property transactions; and allied matters.
during 2011-12 and 2012-13.

ANNUAL REPORT 2016-17 26

 BOARD OF DIRECTORS

She has advised various owners, buyers, developers, DR. DHARMENDRA BHANDARI
corporate houses, individuals, domestic investors and foreign
Director
investors regarding transactions related to immovable
properties and various issues related thereto including Dr. Dharmendra Bhandari served as a member of the Faculty
structuring and offer for subscription of units representing of Commerce in the University of Rajasthan, Jaipur. He
a Business Trust by way of an Initial Public Offering (IPO) in has a PhD in Commerce and is also a qualified Chartered
Singapore. In addition to drafting the documents, Ms Singh is Accountant. He has more than 30 years of academic and
also experienced in negotiating the same. professional experience in the financial sector.

She has also advised on Real Estate transactions in respect Dr. Bhandari has served as the Sole Consultant to the
of commercial / retail complexes, multiplexes, hotels, Joint Parliamentary Committee (JPC) that was set up by
redevelopment projects, serviced apartments, Special the Government of India for Enquiry into Irregularities in
Economic Zones, Information Technology / Information Securities and Banking Transactions (1992 - 93), where he
Technology Enabled Services Parks and also Integrated assisted in writing the report, strengthening the systems and
Township Projects. She also regularly advises on Hotel fixing accountability. In 1994, he was appointed as Officer
Management Contracts. on Special Duty (1994–95) with the Reserve Bank of India,
Mumbai. He was also associated with the Department of
Supervision for regulation of banks in India, including the
SHRI T. V. RAO overseas operations of Indian Banks and the branches of
Director foreign banks in India, and in setting up market intelligence
for surveillance and monitoring of banking system in India.
Mr. T.V Rao is an Associate Member of Indian Institute He was also a member of the Central Council of the Institute
of Bankers and is a career Banker with specialisation in of Chartered Accountants of India.
Corporate Finance, Treasury Management and Mortgage
backed Securitisation.
Dr. Bhandari has served as Director of several public sector
banks such as Dena Bank, Bank of Maharashtra and Bank of
In his career spanning over three decades, he has experience Baroda, and is currently a director on the Boards of JP Morgan
in general banking, corporate finance and Treasury Mutual Fund (India) Pvt Ltd, SBI Capital Markets, etc. He has
Management. He has headed the Treasuries of National also served as Director on the Board of several companies
housing Bank, SIDBI and Exim Bank. such as Tata Timken, Birla Corp, and others.

In his last assignment, he spearheaded Exim Bank’s Apart from his ambitious pursuits in the fields of economics
activities related to capacity building and value addition in and finance, Dr. Bhandari has also authored several books,
international trade through focussed seminars / programmes prominent among them being R K Laxman – The Uncommon
on a gamut of issues; net working with National and Man, Mosaic of Faith – Places of Worship in India and Nani
International agencies connected with foreign trade. Palkhivala, God’s Gift to India (Biography by a friend).

Mr. Rao has widely travelled representing the institutions he

was working from time to time and participated in various SHRI DEBABRATA SARKAR
international seminars on topics like Mortgage backed Director
Securitisation, Derivative Products, Structured Finance etc.
He was a member of the International Trade Committee of Shri Debabrata Sarkar is a Qualified Chartered Accountant ,
the Federation of Karnataka Chambers of Commerce and with Master degree in Commerce from Calcutta University.
Industry. He is an independent Director on the Boards of He joined Bank of Baroda as Manager (Credit ) in July, 1982
Canfin Homes Limited, Bangalore, STCI Finance Limited, Kisan and handled various responsibilities in the area of General
Mouldings Limited & Ladderup Finance Limited, Mumbai, Banking Operations, International Banking, Credit, Treasury
Electronica Finance Limited, Pune, Natco Pharma Limited & Operations and Internal Audit. He worked as Chief Manager
Sanvira Industries Limited, Hyderabad and Director on the (Internal Audit) at Bank of Baroda, Port Louis, Mauritius to
Board of Fidas Tech (Private) Limited, New Delhi. look after internal audit of Mauritius, Seychelles & South
Africa. In 2002, he was posted as Head of Treasury Operations
at Mumbai. From 2005 to 2008, worked as Zonal Head at
Surat (Gujarat ), Chennai and Mumbai. Thereafter he was
posted as General Manager ( Corporate Credit ) at Central
Office, Mumbai. He was promoted as Executive Director
in December, 2009 and posted at Allahabad Bank , Kolkata.

27 LIC HOUSING FINANCE LIMITED

In April, 2012, he was promoted and posted as Chairman SHRI AMEET PATEL
& Managing Director in Union Bank of India, Mumbai till
Director
retirement in November, 2013.
Mr. Ameet Patel was appointed as Independent Director
of LIC Housing Finance Ltd. on 19.08.2015. He qualified as
SHRI V. K. KUKREJA a Chartered Accountant in 1986 with a rank at the all India
Director level and has been in private practice since then. He did his
articleship with a reputed firm – S.V. Ghatalia & Associates.
Shri. V.K. Kukreja, aged 62 years, is a Chartered Accountant Currently, he is a partner at Manohar Chowdhry & Associates.
by profession with a vast experience in the area of accounts, He has spent a large part of his professional career dealing
finance, fund management, portfolio management , research with taxation matters and in the past few years, he has
analytics& reporting and information technology. He has held focused on tax matters of FIIs, Banks, Mutual Funds, QFIs and
various coveted and responsible positions throughout his now FPIs.
career and has always added value to his erstwhile job role
before moving on to the next position in order to continue to
add value to his next job role. His core practice consists of tax planning, appeals and
representations and Information Technology related issues.
Lately, he has been focusing on tax related issues pertaining
He started his career as an Accounts Officer and worked to the financial services sector – particularly FPIs and also NRIs.
for National Textile Corporation and Central Electronics
Limited(Ministry of Science and Technology) respectively in
brief tenures. He joined Life Insurance Corporation of India He is a member of the Finance & Taxation Panel of CII’s
(LICI) as Direct Recruit Officer (C A Batch) in Jan 1983. By 1996 Maharashtra Region. He is also a member of the Journal
he had been elevated to the post of Dy. General Manager Committee, International Tax Committee, HD & TI Committee
in LIC Mutual Fund. In the year 2005 he was made Chief and Chairman of Taxation Committee of Bombay Chartered
(Investment operations) in the Mumbai Head office of LICI Accountants’ Society (which is a voluntary body of CAs with
where he managed Equity, Debt and G-Secs Portfolios and about 9,000 members from across India). He headed this
also managed the entire treasury operations. He also rose to organization as its President in the year 2009-10.
become the Executive Director (Investment - RMR) in 2009
and established new Dept. Risk Management and Research. He is an independent non executive director of B4U
He retired from services of LIC of India as Executive Director Television Network India Ltd and B4U Broadband India Pvt
on 30.09.2012. Ltd. and also the chairman of the audit committees of both
these companies. Recently, he has been inducted on the
Shri. V. K. Kukreja has also been Nominee Director on the board of Nextgen Knolwedge Solutions Private Limited.
boards of various companies in sectors such as Power
Generation & Distributions, Commodity Exchange, Co- He has been actively involved with the activities of the
operative Housing Finance and Brokerage. He was also a Institute of Chartered Accountants of India and has been
committee member on Committees of various Companies / a regular speaker at various seminars and conferences
Funds, in sectors such as Private Equity, Infrastructure, IRDA etc. organised by the ICAI, BCAS, Assocham, CII, private banks,
income-tax department’s Regional Training Institutes, Rotary
Global exposure:- Clubs and other bodies.
• Shri Kukreja participated in various international He is a co-author of following publications of the Bombay
conferecnceslikeDeutsche Bank international credit Chartered Accountants’ Society:
market conference 2005 South Africa,2nd Treasury offsite “Calculators to Computers – a Paradigm Shift”
Macau,Hong Kong 2009 Birla Sunlife AMC. “Shares And Securities - Taxation & Accounting”
• Shri kukreja visited Bahrain in 2008 and formulated “Tax Deduction at Source”
investment policy for LIC Bahrain office.
“FAQs on e-TDS”
• Shri kukreja was a keynote speaker at Indian Private
Equity IQ Middle East conference Dubai 2007.
His articles have appeared in various magazines and websites
such as Money Outlook, MoneyLife, CNBC’s moneycontrol.
com, Taxsutra, Journals of the BCAS & ICAI. He has also
appeared on several programs on national television and
his views are regularly quoted in newspapers and websites
and is very active on various social and professional media
networks.

ANNUAL REPORT 2016-17 28