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New UTI chief likely this week

Our Bureau

NEW DELHI, July 8

THE Government has set in motion the process of appointing a new Chairman for the Unit Trust of India, who is expected to take charge later this week if approvals are in place.

The Finance Ministry has identified a candidate for the job, who will now be taken on board without going through the procedure of vetting by a search committee. This is being done considering that the Government does not have the luxury of time to go th rough such a procedure.

The appointment of a new Chairman is awaiting the approval of the Finance Minister, Mr Yashwant Sinha, and the Prime Minister, Mr A.B. Vajpayee. None of the ``favourite names'' doing the rounds in the media, including that of the UTI Bank Chairman, Dr P. J. Nayak, the Chairman of the Industrial Investment Bank of India, Mr Basudeb Sen, or the Managing Director of the Infrastructure Development Finance Company (IDFC), Mr Naseer Munjee, figure anywhere in the list.

Senior Finance Ministry officials declined to comment on the topic of succession in UTI.