The board of trustees of Unit Turst of India (UTI) is expected to send a short list of possible exit options for small investors in its flagship US-64 scheme to the finance minister on Thursday. The board met today for the third time since the crisis broke out, and drew up a short list of alternatives in consultation with the newly set up group of experts.
The finance ministry had earlier expressed a desire to be informed of the exit route being proposed by the Trust. While UTI executives were tight-lipped about the options, an official press release said: "The board has requested the consultative group members to futher deliberate on some alternatives."
However, a UTI insider pointed out that the final touches to the proposed exit option will technically be given by the board after receiving the ministry nod. "This could be as early as Friday," the source said.
On Monday UTI had constituted the consultative group to help its board revamping the beleaguered flagship scheme US-64.The group consists of eminent chartered accountant YH Malegam, former National Stock Exchange managing director RH Patil and non-executive vice chairman of Tata Sons Ltd N A Soonawala. Rajendra P Chitale, a trustee on the UTI board, is the fourth meber of the group.
