LIC chairman S K Roy resigns

Life Insurance Corporation's Chairman S K Roy has submitted his resignation to the government on late Wednesday evening,.

Roy's decision to resign from the company comes two years too early, before the end of his term. So far, it's unclear why Roy decided to take the step. 

Roy, who took charge of the firm on June 29 in 2013, has been asked to be relieved of his duties on the same date this year, a report in Business Standard said. He had a five-year term. 

His request for resignation will be considered by the Cabinet Committee on Appointments. A few months ago, he had made a similar request but the Finance Ministry had asked him to reconsider then.

Roy joined LIC in 1981 and served as the head of the International Operations division before taking charge as the managing director in 2013. 

To be updated...