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UTI board to discuss CBI arrest fall-out

Our Bureau

MUMBAI, July 22

THE board of trustees of Unit Trust of India (UTI) is expected to meet shortly to take stock of the situation following the arrest of two of its Executive Directors by the Central Bureau of Investigation (CBI), a senior official said.

The CBI on Saturday arrested the Executive Directors Mr M.M. Kapur and Mr S.K. Basu along with the former UTI Chairman, Mr P.S. Subramanyam, for their alleged involvement in criminal conspiracy leading UTI to subscribe to shares of Cyberspace Infosys at exorbitant price.

Mr M. Damodaran, the new UTI Chairman, who was in New Delhi in the past couple of days, is expected to be in Mumbai tomorrow. A UTI source said the board of trustees may also hold an internal enquiry.

He said the arrest of top officials has created a crisis of confidence among UTI officers. It may temporarily affect the working at the institution.

Analysts and marketmen expect the impact of UTI episode to affect market sentiment in the coming days. Stock brokers at major bourses have already decided to go on a one-day agitation tomorrow to highlight their problems.

Related links:
Subramanyam, 2 EDs raided by CBI -- Investigation into UTI investment decisions ordered
US-64 investors feel cheated

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