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UTI suspends 3 officials; reallocates work

Our Bureau

MUMBAI, July 23

THE Unit Trust of India today suspended three of its senior officials accused by the Central Bureau of Investigation (CBI) in the Rs 32.08-crore private placement deal with Cyberspace Ltd (formerly Cyberspace Infosys), senior UTI officials said. Simultan eously, UTI effected changes in the portfolio of other senior officials.

Two Executive Directors, Mr S.K. Basu and Mr M.M. Kapur, and the General Manager, Mrs Prema Madhu Prasad, have been accused by the CBI in the Cyberspace deal. Mr Basu and Mr Kapur have been remanded to custody till Friday, while Mrs Prema has to appear i n the CBI office for interrogation. The three officials were raided alongwith the former UTI chairman, Mr P.S. Subramanyam, who has also been remanded to police custody. The suspension of officers is in accordance with the UTI service rules, officials sa id.

Consequent to re-allocation of work, Mr D.S.R. Murthy, Executive Director, will now be in charge of the Department of Funds Management (equity schemes), Departments of Market Operations, International Finance and Venture Capital Funds in addition to his existing responsibilities of fund accounting, UTI stated in a written statement today.

Another Executive Director, Mr B.S. Pandit, in addition to his existing responsibilities, will be in-charge of the Department of Funds Management (Debt Schemes and US-64) and Money Market Operations. Mr A.N. Palwankar, currently on

deputation as Advisor to the UTI Institute of Capital Markets will also be in-charge of investors' relations.