LIC director sat on Fairfax's board as LIC sold IDBI to Fairfax, claims report

LIC independent director Gurumoorthy Mahalingam was on Fairfax-controlled Thomas Cook India's board while LIC sold its IDBI stake to Fairfax for ₹6,100 crore less than the market value, Businessworld reported. Mahalingam's LIC term ended on July 28, and the Cabinet approved the IDBI-Fairfax deal 11 weeks later. No public record states that Mahalingam was part of LIC's decisions on IDBI.