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Monday, Dec 20, 2004

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Damodaran quits UTI

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Mumbai , Dec. 19

MR M. Damodaran has stepped down as the Chairman and Managing Director of UTI Mutual Fund and Administrator of UTI-I, the specified undertaking of UTI.

Mr Damodaran, who is also the Chairman of IDBI, said he tendered his resignation on Sunday afternoon. "I want to focus my attention exclusively to IDBI, which has now become a banking entity," he said. He has been holding both the posts simultaneously for more than a year now.

According to UTI sources, Mr S.B. Mathur, former Chairman, Life Insurance Corporation of India, is likely to be appointed as Chairman of UTI MF.

Mr Damodaran, who has just returned from an international road show for IDBI bonds, said there has been tremendous investor response to IDBI now and there is a lot of work to be done at the organisational level.

Mr Damodaran has been associated with UTI for three-and-a-half years. According to sources, with IDBI becoming a bank, Mr Damodaran may not be able to hold both posts simultaneously. The bank raised $250 million (around Rs 1,099 crore) from international markets last week to fund its industrial finance activities, he added.

The sudden decision of Mr Damodaran to resign from the UTI top posts has lead to speculations in the banking circles that it may be due to the recent developments in UTI Bank.

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Damodaran quits UTI

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