In the first overhaul of the Unit Trust of India board after the July 2 debacle, the mutual fund behemoth has decided to appoint former BSE president MR Mayya and ex-chairman of the Institute of Chartered Accountants of India (ICAI) chairman PN Shah as directors.
While Shah joined the board in the last week of November, Mayya is awaiting a formal appointment letter. When contacted, UTI chairman M Damodaran confirmed the development and said except for the executive trustee, all board positions are now occupied.
He told Business Standard that Shah would replace noted chartered accountant Rajendra P Chitale who recently put in his papers having taken up an audit assignment with IDBI.
More From This Section
Damodaran also said that UTI would stick to the deadline of shifting its flagship US-64 scheme to the net asset value (NAV) mode next month. In a meeting spanning over two hours, the UTI chairman briefed economic affairs secretary C M Vasudev about the health of the institution.
He further said that the Trust did not have any intention of seeking a bailout from the government.