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

23 LIC HOUSING FINANCE LIMITED 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 Corporation of on 16th December, 2016. Prior Director of 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 , Ltd. a post-graduate (M.Sc.) in Botany from Patna University. and Ltd., Board Member of LIC Shri Sharma joined LIC as Direct Recruit Officer in 1981 (International) BSC © , 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 . staff performance, re-organizing teams and developing Within Life Insurance, experience in Marketing, Investments talent, enabled LICHFL maintain its growth momentum (Operations, Monitoring & Accounting, 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 . Currently he is on Board of LIC Pension Fund Limited, • Featured on cover page of Bureaucracy Today. ACC Limited, ICICI Bank Limited, LIC 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 Company Ltd, LIC Bombay Management Association. (International) BSC Bahrain, Life Insurance Corporation (LIC) • “Women Leadership Award” in BFSI sector by Institute of of Ltd, Kenindia Assurance Co. Ltd, LIC (Lanka) Public Enterprise. Ltd, LIC (Nepal) Ltd, Life Insurance Corporation () Pte Ltd. and as a trustee of LIC Golden Jubilee Foundation. • “Brand Slam Leadership Award” by CMO Asia.

25 LIC HOUSING FINANCE LIMITED ANNUAL REPORT 2016-17 26 • “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 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 viz. , Bank of Masters in Science (Statistics) from Lucknow University, Baroda, , 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 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 University, Mumbai. She also has professional affiliates with the Bar Council of 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.

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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 , 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 , 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 Chambers of Commerce and with Master degree in Commerce from Calcutta University. Industry. He is an independent Director on the Boards of He joined 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, 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 , Kolkata.

27 LIC HOUSING FINANCE LIMITED ANNUAL REPORT 2016-17 28 In April, 2012, he was promoted and posted as Chairman SHRI AMEET PATEL & Managing Director in , 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 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, 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 , 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, 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.

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