The Hindu Business Line : R.H. Patil to head UTI AMC

DR R.H. Patil has been appointed Chairman of UTI Asset Management Company Pvt Ltd (UTI AMC). UTI AMC has been without a Chairman since December 19, 2004 when Mr M. Damodaran stepped down as the Chairman of both specified undertaking of UTI (UTI-I) and UTI AMC.

Mr Damodaran had said that his resignation from UTI was in order to focus his attention exclusively on IDBI of which also he is the Chairman.

Mr S.B. Mathur, former Chairman, Life Insurance Corporation, was subsequently appointed as the Chairman of UTI-I. At that point, it was expected that the sponsors of UTI AMC would appoint Mr Mathur as the Chairman of UTI AMC, as well.

For the last two weeks markets have been speculating that Dr Patil would be appointed the Chairman of UTI AMC and the Government is likely to sell the fund house to the highest bidder. Currently, the sponsors of the Rs 20,976-crore fund house are State Bank of India, Life Insurance Corporation, Punjab National Bank and Bank of Baroda.

Dr Patil is currently the Chairman of Clearing Corporation of India Ltd.

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