Race for UTI AMC chairman fastens, crucial meeting on Oct 1

The race for UTI AMC board chairman has entered the final phase amidst resignations of independent directors over differences on nominations, reports CNBC-TV18's economic policy editor Siddharth Zarabi quoting sources.

The crucial meeting to finalise the CEO for UTI AMC is slated for tomorrow and about five candidates have been shortlisted for the post. The four PSU shareholders are ranged against T Rowe Price which holds largest stake of 26% in UTI MF.

Earlier T Rowe Price had disagreed with one of the nominees IAS Officer Jitesh Khosla who was formerly in the Ministry of Corporate Affairs (MCA).

However, final decision in finding the right candidate is likely to be around October 15. According to sources the probable candidates are Leo Puri, Punita Kumar Sinha, Shailendra Bhandari while Sunil Mehta of AIG was reportedly approached, but declined later.

This imbroglio has come soon after its independent director Prithvi Haldea has already resigned from board and Anita Ramachandran may also quit shortly.

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