V. K. Sharma on Monday took charge as the Chief Executive of the scandal-hit LIC Housing Finance and said his first objective would be to put the company back on the growth path.

The prime agenda will be “to put LICHFL on the growth path again,” Mr. Sharma told reporters after his appointment was ratified by the board of the company.

Mr. Sharma, who was earlier serving as the head of parent Life Insurance Corporation for the South Zone, asked investors not to “worry or panic.''

Mr. Sharma's predecessor R. R. Nair was arrested last week by the CBI in connection with the bribes-for-loans scam along with seven others.

Mr. Sharma said there would be a review of the company's accounts.

In a statement, the company said the outstanding loans under scrutiny by the CBI were worth Rs.389-crore and the value of security against these loans was over Rs.1,000 crore.

The total loan book as on October was Rs.44,569 crore and the gross non-performing assets were 0.75 per cent (including project loans), it added.

“The board observed that the preliminary report prepared by ‘Committee of General Managers' which was constituted to examine the cases under scrutiny, confirmed that the loans are performing (and) documentation is in order,” the statement added. — PTI

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