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The liquidator of Unit Trust of India Investment Advisory Services (UTI-IAS) has notified that its voluntary liquidation has commenced.
The company is a wholly owned subsidiary of the Specified Undertaking of Unit Trust of India (SUUTI).
Trusteeship activity is the core and sole activity of UTI-IAS. The company had commenced its operations in 1988.
The liquidator of UTI-IAS has issued a public announcement under Regulation 14 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017.
Also see: PSUs to be allowed to carry forward losses accumulated prior to divestment: CBDT
With the restructuring of UTI in 2003, pursuant to the passing and commencement of Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002, the equity shares of UTI-IAS held by UTI were transferred to and vested in the Administrator of SUUTI, a statutory authority constituted under the said Act.
The liquidator has called upon the stakeholders of UTI-IAS to submit proof of their claims before January 15, 2022.
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