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Panel to select new chairman

Our Bureau

NEW DELHI, July 4

THE Government is expected to kick off the process of the selection of a new Chairman for the Unit Trust of India, involving a search committee.

Mr. K.G. Vassal, the senior-most Executive Director of UTI will be in charge of the trust only in the near term. The five-year term of Mr P.S. Subramanyam, who quit today would have run up to the end of January next year.

The UTI Chairman is appointed by the Government in consultation with the Industrial Development Bank of India.

The Finance Minister, Mr Yashwant Sinha, has said that the Government would appoint a full-time Chairman for UTI shortly.

One of the choices being mentioned is the former Executive Trustee of UTI, Dr P.J. Nayak, who is now heading the UTI Bank. However, he is reported to have not taken up the offer last time round.