Financial Daily from THE HINDU group of publications
Tuesday, Dec 21, 2004

News
Features
Stocks
Cross Currency
Shipping
Archives
Google

Group Sites

Home Page - Private Banks
Money & Banking - People


UTI Bank board to review splitting of CMD post

Our Bureau


Mr P.J. Nayak ... will he be asked to continue as CMD?

Mumbai , Dec. 20

IN a surprise development, UTI Bank has decided to hold a board meeting on Wednesday to reconsider its decision to split the post of Chairman and Managing Director into non-executive Chairman and Managing Director.

Senior officials with the bank confirmed that the board would meet to review its December 15 decision to split the post of CMD.

It is expected that Dr P.J. Nayak, Chairman and Managing Director, UTI Bank, whose five-year term is ending by December 31, will be offered the option of continuing as Chairman and Managing Director.

On December 15, the board had offered the position of Managing Director to Dr Nayak, which he reportedly turned down.

It was reported that the promoters of the bank had initiated the proposal to split the post of CMD, backed by other institutional shareholders.

The bank's move to call a board meeting again to reconsider its decision assumes significance in the wake of the resignation of Mr M. Damodaran as Chairman, UTI, on Sunday, banking sources said.

Unit Trust of India owns 33 per cent stake in the bank. There has been speculation that Mr Damodaran was toying with the idea of a merger between IDBI and UTI Bank.

However, Mr Damodaran denied having any such plans.

According to analysts, the appointment of a new chairman for UTI would have changed the situation and promoter may adopt a more flexible stand regarding the bank's top management structure.

More Stories on : Private Banks | People

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page



Stories in this Section
Samsung issues guidelines on ethical use of camera phones


BSNL mulls consortium with ILD operators
IT industry decries arrest of Baazee.com CEO
Baazee.com case — Why was IPC not invoked?
Reliance board to consider share buyback on Dec 27
Reliance Energy extends buyback
Pharma, cement, paper stocks find flavour
UTI Bank board to review splitting of CMD post
S.B. Mathur appointed UTI-I Administrator



The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2004, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line