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Saturday, Oct 30, 2004

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United India CMD retires; GMs to jointly officiate

Our Bureau

Chennai , Oct. 29

UNITED India Insurance's governing board has asked the most senior general managers, Mr B. Chakrabarti and Mr T.K. Roy, to jointly hold charge after the Chairman-cum-Managing Director, Mr V. Jagannathan, retires on Friday.

The Union Government is yet to announce Mr Jagannathan's successor. Mr Jagannathan told Business Line on Friday that Mr Roy and Mr Chakrabarti would jointly exercise the chairman's powers.

Mr Jagannathan said that he joined the general insurance industry in 1969, four years before its nationalisation. He assumed charge at United India in March 2001, a year in which it registered a small loss. The company registered a post-tax profit of Rs 380.45 crore in 2003-04.

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