The Hindu Business Line : Govt, sponsors discuss future of UTI Mutual Fund

(From left) Mr A. K. Khandelwal, CMD, Bank of Baroda; Mr A. K. Shukla, Chairman, LIC; Mr S. C. Bhargava, Executive Director, LIC; Mr C. P. Swarnkar, Executive Director, PNB; and Mr. A. K. Purwar, CMD, State Bank of India, coming out after a meeting in the North Block in the Capital on Monday. - - Kamal Narang

New Delhi , July 11

THE Government today held a meeting with the four institutional sponsors of UTI Mutual Fund - LIC, SBI, Punjab National Bank, and Bank of Baroda - to arrive at a new ownership pattern for the country's oldest mutual fund.

According to reports, the meeting was called primarily to assess the price that each of the sponsors would be willing to offer to take up the sole responsibility of running the fund.

However, details of what transpired at the meeting were not available as those who attended it were unwilling to divulge details. "It was only a preliminary meeting. Nothing has been decided," said Mr A.K. Shukla, Chairman, LIC.

The meeting was attended by Mr Ashok Jha, Secretary (Economic Affairs); Mr U.K. Sinha, Joint Secretary (Capital Markets); Mr A.K. Purwar, Chairman, SBI; Mr A.K. Khandelwal, CMD, Bank of Baroda, and Mr C.P. Swarnkar, Executive Director of PNB.

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