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.
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.