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UTI staff taken by surprise

Ashok Jainani

MUMBAI, July 4

FOR Unit Trust of India (UTI) employees, Wednesday was not just another day at office. They were taken by surprise when, on coming to office, they came to know that their Chairman, Mr P.S. Subramanyam, had been asked to resign.

The Finance Ministry directive had asked Mr Subramanyam to resign and hand over charge to the next senior-most employee.

When did Mr Subramanyam resign from the UTI chairmanship -- on Tuesday night or Wednesday morning? And when did he hand over charge to the next senior-most employee, Mr Krishan Gopal Vassal, Executive Director?

UTI insiders say that Mr Subramanyam stayed back in Delhi on July 3 (after the UTI results on July 2) for meetings with Ministry officials. When he reached his house late on Tuesday evening, the Ministry is understood to have faxed a copy of the order as king him to hand over charge to the next senior-most person at UTI.

Insiders say Mr Subramanyam met Mr Vassal on the night of Tuesday at his official residence where he is understood to have handed over the charge.

Mr Subramanyam did not attend office on Wednesday. Instead, he made courtesy telephone calls to over 12 senior executives in the grade of chief general managers and above.

When contacted by Business Line, Mr Subramanyam declined to speak on any issues relating to UTI.