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UTI board to meet July 9 to discuss exit routes for US-64

Meeting for the first time after the freeze on its flagship scheme US-64, Unit Trust of India board, on Friday, reviewed the developments and decided to meet again on Monday to mull exit route and other alternatives for providing liquidity to holders of the units.

"The board of trustees took stock of the development and also authorised acting chairman K G Vassal to take decisions on investments and administrative matters," UTI executive director B G Daga told reporters in Bombay.

He said UTI management has been asked to work out proposals to provide exit route for investors of US-64 scheme. The work on dispatching of dividend warrants for US-64 scheme would be completed by July end, he added.

During the first four days, July 2-5, UTI's sales and repurchases were to the tune of Rs 1.53 billion and Rs 260 million respectively (excluding US 64) as against Rs 120 million and Rs 160 million in the corresponding period last year (including sale and repurchase under US-64), he said.

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